The wallet in question originally got its 8,000 BTC on December 6, 2018, when it was worth about $3,810 per coin. Since then, the value of the Bitcoin in this wallet has gone up by over 14 times, which is about $505.44 million.
Traditionally, when lots of cryptocurrency is moved to exchanges, it often means that whales are planning to sell it, which puts downward pressure on prices. These big moves are watched closely because they can have a big impact on how big players feel about the market and how prices change.
The reactivation of dormant whale wallets, especially those holding substantial amounts of Bitcoin, is typically considered a negative indicator for the cryptocurrency market.
These whales possess the power to influence market prices due to the volume of their holdings. When these long-inactive wallets spring to life, it can create uncertainty and fear among investors, who may anticipate large-scale sell-offs that could lead to similar price declines.
This latest transfer to Binance has already caused a bit of a ripple effect across the market, with the Bitcoin price falling by almost 4% today to $66,800.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
