Miner moves nearly $3.3m in Bitcoins for first time in 14 years

The miner first moved the Bitcoins received as a reward for the mined block on April 23, 2010.

According to Lookonchain data, on April 15, an unknown whale moved 50 Bitcoins (BTC) worth about $3.3 million. Seventeen BTC went to the address associated with withdrawals from Coinbase, and the remaining amount remained in the wallet using the new details.

Analysts did not provide any other details about transferring several dozen Bitcoins.

Previously, a major Bitcoin holder woke up in April after ten years of hibernation. The whale withdrew part of the assets from his address, which contained 1,701 BTC. As Lookonchain experts noted, 246 BTC were transferred.

The Bitcoin whale received 4,272 BTC in 2013. The average purchase price 11 years ago was $29.39, which at the time cost the trader $125,541.

Owners of old wallets often become active against rising Bitcoin prices. It is generally accepted that the activity of old wallets could be a better sign, meaning that the owner will soon sell their coins. In some cases, holders move BTC to other addresses and continue to trade them further.

According to 10x Research, crypto miners began accumulating Bitcoins in January 2024 to increase the imbalance between supply and demand. The price of BTC increased sharply partially due to this, and in March, it updated its historical maximum at $73,750.

After halving, the company’s digital assets will gradually eliminate the accumulated coins, which will pressure the cryptocurrency’s price.