A Bitcoin Whale Has Moved 2000 BTC Worth $178 Million to Coinbase

This transfer follows a trend of dormant Bitcoin wallets becoming active amidst the recent price surge in broader markets

A Bitcoin whale has moved 2,000 BTC, currently valued at about $178 million, to Coinbase. Interestingly, the user seems to have received BTC for the first time in 2010, when Bitcoin was valued at a mere $0.06 per coin and had a market cap of around $250,000, with daily trading volumes rarely exceeding $60,000.

The transfer comes amid a trend of dormant Bitcoin wallets becoming active following a price surge in broader markets after Donald Trump’s U.S. election win earlier this month. At the time of writing, Bitcoin is trading at $88,532 after cooling off from a rally that saw it set a record high of $93,214 on Wednesday.

This year has seen several instances of “Satoshi Era” wallets becoming active, having mined Bitcoins between 2009 and 2011. It remains unclear whether these Bitcoins have been sold, but it might not be impossible, as early adopters may be taking the opportunity to reap high profits as Bitcoin continues to reach record highs.

This trend could continue as the whales stand to make huge profits at the current price levels of Bitcoin. However, the resurgence of early wallets could add significant selling pressure, potentially affecting Bitcoin’s price momentum. Despite this, bullish investors remain optimistic about Bitcoin’s potential to reach the psychologically important resistance level of $100,000 by the end of the year.

Bitcoin ETF Outflows Worrying?

U.S.-listed bitcoin ETFs saw their third-largest outflow since launch, with $400.7 million being pulled out on Thursday, according to Farside data. Bitcoin has corrected nearly 6% from its all-time high on Nov. 13, when it pushed past $93,000. However, the price action isn’t too concerning, as typically, once bitcoin sets new all-time highs, investors tend to take out their profits.

BlackRock’s IBIT saw inflows of $126.5 million, keeping its trend of inflows strong since Nov. 7. But Fidelity’s FBTC saw outflows of $179.2 million, Bitwise BITB saw $113.9 million in outflows, Ark’s ARKB recorded outflows of $161.7 million, while both Grayscale products saw combined outflows of $74.9 million.

A Correction To $78K Or Rally Towards $100K?

The bitcoin price hit a new all-time high of $93,265 on Wednesday and declined 3.3% on Thursday. At the time of writing, bitcoin is trading at around $89,691. Amid the ETF inflows, bitcoin briefly hit $87,000.

While market analysts are optimistic over bitcoin’s potential to cross $100,000 levels, however, this optimism might not last long as some BTC holders and miners realize profits and increase the selling pressure, which could lead to a pullback to $78K.

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