Bitcoin Miner Moves $3.3M in BTC After 14 Years

Bitcoin miner received reward
Bitcoin: For the first time in 14 years, a miner has moved nearly $3.3 million worth of Bitcoins. These Bitcoins were initially received as a reward for mining a block on April 23, 2010.

According to data from Lookonchain, on April 15, an unidentified whale transferred 50 Bitcoins (BTC), valued at around $3.3 million. Of these, seventeen BTC were sent to an address linked with withdrawals from Coinbase, while the remainder stayed in the wallet using updated details.

Analysts have not provided further details regarding the transfer of these several dozen Bitcoins.

Earlier in April, a significant Bitcoin holder reemerged after a decade of dormancy. This whale withdrew a portion of assets from an address containing 1,701 BTC. Lookonchain experts noted the transfer of 246 BTC.

This Bitcoin whale acquired 4,272 BTC in 2013 at an average purchase price of $29.39, totaling $125,541 at the time.

It’s common for owners of old wallets to become active during periods of rising Bitcoin prices. Generally, this activity is seen as a potential indicator that the owner may soon sell their coins. Sometimes, holders move BTC to different addresses to continue trading.

In January 2024, crypto miners began accumulating Bitcoins, aiming to increase the supply-demand imbalance. This accumulation, in part, contributed to a sharp rise in BTC price, with March seeing a new all-time high of $73,750.

Following halving events, companies gradually sell off accumulated coins, putting pressure on cryptocurrency prices.

Also Read: Shiba Inu (SHIB) Whale Activity Surge Sparks Price Speculation

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