A Bitcoin whale has stirred the market by transferring 750 BTC, valued at $83.3 million, to Binance on Tuesday, according to blockchain data. This move comes as whales continue reorganizing holdings amid heightened market activity.
750 BTC Acquired at Just $122 Each
On-chain analytics revealed that the coins were originally purchased in 2012 at around $122 per BTC, meaning the holder is sitting on astronomical gains after over a decade of holding.
Despite the massive transfer, the original wallet still retains 750 BTC, while a related address holds an additional 2,500 BTC, worth approximately $276.5 million. Both addresses utilize Bech32 SegWit (bc1q) format, which offers enhanced efficiency and security compared to older Bitcoin address types.
This transfer adds to a wave of activity from decade-old Bitcoin wallets, many of which have reawakened in recent months. Several long-term holders and early miners are consolidating funds, moving assets to exchanges, or restructuring their holdings for better security.
While such transactions often spark speculation about potential selling pressure, analysts note that whales typically test liquidity or redistribute coins across wallets rather than liquidating all holdings at once.
Market Reaction and Broader Trends
The transaction occurred as Bitcoin traded near $111,000, keeping the asset close to its recent highs. Large whale movements generally attract market attention, especially during periods of increased volatility or macroeconomic uncertainty.
Interestingly, some veteran holders are diversifying into Ethereum, driven by institutional adoption and inflows into spot ETH ETFs, signaling a broader multi-asset approach among crypto elites.
A 12-year-old Bitcoin stash worth over $83 million hitting Binance underscores the evolving strategies of early adopters. While these moves raise questions about profit-taking, they also highlight the resilience and adaptability of long-term crypto investors in an increasingly institutional-driven market.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.