In a notable development within the cryptocurrency market, an anonymous Bitcoin whale has transferred 1,000 BTC, valued at approximately $61 million, to Coinbase. The coins were originally received in August 2018, when their total value was around $6.68 million. This move, identified through on-chain data by Arkham Intelligence, suggests the whale is poised to realize a substantial 817% profit if they proceed with a sale.
This transaction follows a familiar trend observed during crypto bull markets, where long-term holders capitalize on significant price appreciation by selling their holdings. Just last month, another Bitcoin whale liquidated 687 BTC for $43.8 million. This stash was acquired in January 2014 when Bitcoin traded at merely $987 each.
Overall, the supply of Bitcoin held by long-term investors has significantly decreased from 16.2 million BTC in late December to 14.9 million BTC by late March. This decline coincided with Bitcoin’s price surge from $40,000 to $70,000, indicating many investors seized the opportunity to cash in.
Despite these substantial sales, the long-term holder supply has stabilized alongside Bitcoin’s price. However, on-chain analysts have voiced concerns about the current bull market losing momentum. In the first half of June alone, whales have cashed out $1.2 billion in profits.
The market has also seen increased selling activity from miners and government-held Bitcoin. The asset is currently trading at $60,775 per coin, down 11% for the month. Upcoming economic indicators, such as the Federal Reserve’s core Personal Consumption Expenditures (PCE) price index, could further influence Bitcoin’s market performance.