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Massive Bitcoin Whale Makes Major Transfer to Coinbase

According to cryptocurrency analytics platform Lookonchain, a long-dormant wallet has sprung back to life after six years in order to deposit 1,000 BTC ($61.55 million) into Coinbase Prime just hours ago.

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The latest transfer comes after a few other notable Bitcoin transactions that took place earlier this week. As reported by U.Today, the US government recently sent roughly $241 million worth of Bitcoin to Coinbase on June 26. Despite some concerns from the community, the transfer did not trigger a significant price move. 

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On July 27, an extremely rare transfer took place, with $3 million worth of Bitcoin that was mined all the way back in 2010 being transferred to the Binance exchange. These coins came from the era of CPI mining when it was possible to mine the original cryptocurrency with one’s personal computer without using any specialized hardware. 

Bitcoin remains in the doldrums

The price of the largest cryptocurrency is currently changing hands at $61,522 after peaking at $62,314, according to CoinGecko data. The flagship cryptocurrency is down nearly 5% over the past week.

As reported by U.Today, inflows into large Bitcoin wallets picked up steam following a recent price crash. 

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After seeing a brief relief rally following its plunge below the $59,000 level, the leading cryptocurrency is struggling to regain bullish momentum without a single major bullish catalyst in sight.

With that being said, it is worth mentioning that Bitcoin exchange-traded funds are not back to inflows, which should offer some much-needed respite to bulls. 

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