Dormant Bitcoin whale moves $377.6m after sitting through 2020 crash
A wallet that received 4,582 BTC in March 2020, days before the Covid sell-off, sent the coins to five addresses on Monday. None of the recipients has moved them yet.
Why it matters: Transfers from long-dormant wallets are watched as possible signals of selling pressure, and this one involves coins bought before the March 2020 crash.
Key points
- Four addresses received exactly 1,000 BTC each and a fifth got about 582 BTC.
- The coins arrived on 3 March 2020, when they were worth about $40.8 million.
A long-dormant Bitcoin whale has moved $377.6 million of coins it held through the Covid crash, CoinDesk reports. Four of the addresses received exactly 1,000 BTC each, while the fifth got about 582 BTC. None of the five had moved the coins at the time of writing.
The coins arrived in the wallet on 3 March 2020 from another address.
CryptoQuant data shows surges in metrics such as Coin Days Destroyed and older Spent Output Age Bands often precede a price correction or high volatility.
The purpose of the latest move remains unclear.
Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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