Key Takeaways:
A Bitcoin whale address that had been inactive for two years transferred 300 BTC, valued at approximately $23.4 million, to the Binance exchange, realizing a $17.6 million profit from its initial investment.
"A Bitcoin whale just surfaced, depositing 300 BTC valued at $23.4 million into Binance after lying dormant for two years," on-chain tracking service Lookonchain reported. The firm noted the bitcoin originated from a withdrawal on the Bitfinex exchange three years prior, when the asset traded at $19,329 per coin.
The deposit occurred as Bitcoin’s price hovered near $77,957. The move adds to a recent uptick in large-scale Bitcoin transactions. In a separate event over the past three days, a wallet associated with the Balancer protocol exploiter converted 21,000 ETH into 617.43 BTC, according to Bitget News, showing a broader trend of capital consolidation into Bitcoin from different corners of the market.
While a 300 BTC transfer is unlikely to shift the market on its own, deposits from long-dormant wallets are closely watched by traders as a potential indicator of intent to sell. Such moves can increase short-term supply on exchanges, potentially adding pressure as Bitcoin challenges technical resistance near $78,400. Immediate support is seen around the $76,880 level.
This article is for informational purposes only and does not constitute investment advice.
