A wallet that sat untouched for approximately six years has moved its entire balance of 4,582 BTC. The source does not say why, and says selling pressure should not be assumed until the coins reach an exchange or a trading desk.
A dormant wallet moved all 4,582 BTC, worth around $377.58 million, after approximately six years without activity. Blockchain data shows the transfer happened approximately seven hours before the report. The coins left an address beginning with 18VmXvk and went to a new address beginning with bc1q295, plus four other addresses.
The holder's gain
The wallet acquired the same 4,582 BTC six years ago, when the coins were worth approximately $40.81 million. That is a gain of more than nine times, or approximately $337 million. Splitting funds across several wallets is not uncommon when large holders reorganize their coins.
Meanwhile, the wallet also sent 0.009 BTC, approximately $495, to an address labeled Cumberland DRW, a known trading firm. The amount was tiny, so it reveals very little about the purpose of the latest transfer.
Why the move is unexplained
No one knows why the holder moved the coins. The owner may be preparing to sell, moving to a safer wallet, or simply reorganizing funds, and a move from an old address format to newer bc1 addresses may also be a simple upgrade. Until the coins reach an exchange or a trading desk, it is not safe to assume selling pressure.
Even so, large wallet movements like this often attract attention. Old coins that suddenly move can make traders nervous, because long-term holders have a history of selling into strong prices. Yet many dormant wallets wake up, shuffle their funds, and go quiet again.
If the coins flow to exchanges, it may point to a sale. If they stay in private wallets, the move is probably just housekeeping, and the only clear fact for now is that 4,582 BTC that had been still for six years is moving again.
Source: U.Today
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