Over $250 million worth of Bitcoin (CRYPTO: BTC) was just moved to an unknown address from an inactive wallet that had been dormant for three and a half years.
What Happened: The address that received the funds now holds almost half a billion worth of Bitcoin.
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An address “1KUr81” that has been dormant for 3.5 years transferred all 15,000 BTC ($252.5M) out to address “1LGAVQ” today.
— Lookonchain (@lookonchain) January 6, 2023
Now address “1LGAVQ” holds 26,056 $BTC($439.2M).https://t.co/rK2AV0Hs1C pic.twitter.com/adqtgYUSd9
When Bitcoin's price peaked, the old wallet was valued at more than $1 billion. As market conditions deteriorated, the whale's portfolio took a major hit, with only $250 million remaining from the original billion-dollar investment.
The wallet activity indicates that it is possibly from a major whale who has been stockpiling Bitcoin in many wallets.
Price Action: Bitcoin was trading at $16,790, down 0.22% in the past 24 hours, according to Benzinga Pro data.
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