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Bitcoin whale moves $188M after seven years
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Bitcoin whale moves $188M after seven years

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  • A dormant Bitcoin (CRYPTO:BTC) wallet moved US$188 million worth of Bitcoin after seven years.
  • The transfer comes as large whale transactions continue attracting market attention.
  • The destination wallet has not moved the Bitcoin since receiving the funds.

Bitcoin (CRYPTO:BTC) worth about US$188 million moved from a wallet that had been inactive for seven years.

The wallet transferred 2,931 BTC to a new address after last moving funds in 2018, when Bitcoin traded near US$6,500.

Blockchain analytics platforms Arkham and Onchain Lens tracked the transaction after it appeared on the Bitcoin network.

The receiving wallet has not moved the Bitcoin, and the reason for the transfer remains unknown.

Large Bitcoin transfers can attract market attention because some investors watch for signs that long-term holders may be preparing to sell.

The coins have increased almost tenfold in value since they were last moved in 2018.

Recent onchain data shows more long-dormant Bitcoin wallets becoming active as the cryptocurrency continues to trade well above its 2018 price.

At the time of reporting, Bitcoin price was $62,428.05.

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