Bitcoin whale in motion: the awakening of an ancient wallet involves the movement of 50 BTC after 14 years

Whale in movement: a Bitcoin wallet that had been inactive for 14 years suddenly moved 50 BTC, equivalent to over 3 million dollars, transferring them to the exchange platform Binance. 

This event takes place in a context of a bearish market trend, where some large entities, known as whales, are taking advantage of the decline to buy, while others remain cautious.

Let’s see all the details below. 

Whale di Bitcoin tra cautela e opportunità: l’ultimo movimento di un vecchio wallet 

As anticipated, amidst the negative trend climate in the crypto sector, some large entities, known as balene, have seized the opportunity to buy during the dip, while others have preferred to maintain a cautious attitude.

An extraordinary event has recently captured the attention of the criptovalute community: a dormant Bitcoin miner wallet has resurfaced after 14 years of inactivity.

This wallet has moved 50 BTC, equivalent to over 3 million dollars, to the Binance exchange platform. This movement was revealed by Lookonchain, which highlighted the transfer of 3.05 million dollars in Bitcoin.

According to the available information, these Bitcoin were mined on July 14, 2010, from block 67,254, which earned the miner a reward of 50 BTC. 

The block data shows that there have been four transactions for a total of 1.085,85 BTC with a difficulty of 45,38682234. The relevance of these Bitcoin mined so early is remarkable, as they represent some of the most sought-after coins on the market. 

The sudden movements of these assets can indicate different things: a renewed interest in the cryptocurrency by the original holders, or concerns regarding the security of the old private keys.

Opportunities and uncertainties in the market 

This is not the first case in which an inactive miner wallet has started moving again. In March, another Bitcoin miner wallet transferred about 2,000 BTC after being inactive for 14 years, sparking similar speculations among investors.

At the moment, Bitcoin is being traded at around 60,940.29 dollars. The cryptocurrency has dropped from a high of 61,500 dollars to a low of 60,619 dollars, recording a decrease of 7.18% in the last seven days. 

This latest drop occurred after the United States government transferred a total of 3,940 BTC to Coinbase Prime. 

Furthermore, at the beginning of this week, the German government was also seen moving a significant amount of cryptocurrency, further contributing to market volatility.

The awakening of ancient Bitcoin wallets and the movements of the whales continue to influence the market, creating a mix of opportunities and uncertainties for investors.

The transfer of 3,940 Bitcoin from the United States to Coinbase Prime

On June 26, the United States government made a significant transfer of 3,940 Bitcoin to Coinbase Prime, the institutional trading platform of Coinbase. This movement was reported by the blockchain analysis company Arkham Intelligence.

The transferred Bitcoins were initially confiscated from Banmeet Singh, a convicted drug trafficker, at the beginning of 2024. Singh had been arrested in London in 2019 on charges of drug distribution and extradited to the United States in 2023. 

As part of his sentence, Singh had to surrender over 8,100 Bitcoin, which at the time were worth about 150 million dollars, to the US authorities.

Despite the recent transfer of nearly 4,000 Bitcoin being significant, it represents only a small portion of the total Bitcoin owned by the government.

According to the available data, the United States government currently holds approximately 214,000 Bitcoin, with a total value of over 13 billion dollars. Making it the largest national holder of Bitcoin in the world.

Much of these reserves come from seizures related to the dark web market Silk Road and the well-known Bitfinex hack of 2016. These events have significantly contributed to the government’s Bitcoin stockpile.

The transfer to Coinbase suggests that the government might intend to sell some of its long-dormant Bitcoin reserves. 

This movement has raised concerns regarding a possible impact on prices, similar to what was recently observed with the sale by the German government.

However, the amount transferred so far is relatively small compared to the daily trading volumes of Bitcoin. The government of the United States continues to hold the majority of its seized reserves.

The value of these has increased significantly thanks to the rise in the price of Bitcoin.