A long-inactive Bitcoin whale wallet recently became active after more than five and a half years, transferring over 8,000 BTC, valued at $536.5 million, from Coinbase’s cold storage to a Binance deposit address.
Such reactivations are often driven by investors and early miners seeking profits. The Coinbase wallet received these funds in increments between October and December 2018, when Bitcoin was priced at $3,750.
With Bitcoin now over $67,409, this transfer marks a significant increase in value. The wallet’s subsequent actions remain unclear, but these moves typically aim for profit realization.
This is not an isolated event; other dormant wallets have similarly reawakened. Notably, a decade-long inactive wallet moved 246 BTC in April, and a miner’s wallet dormant for 14 years moved 2,000 BTC in March.
On average, one dormant wallet reactivates each month. A Chainalysis and Fortune report indicates that 1.8 million Bitcoin addresses have been inactive for over a decade, with some potentially lost forever.
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