In a significant move that has caught the attention of the cryptocurrency community, a Bitcoin whale has transferred a whopping 2000 BTC, valued at $178 million, to Coinbase. This transaction is particularly noteworthy as the bitcoins were held since 2010, according to data from Memepool. Back in 2010, the value of Bitcoin was a mere $0.06 per coin, with a market cap of around $250,000. At that time, daily trading volumes rarely exceeded $60,000, showcasing how far the cryptocurrency has come.
Satoshi Era Wallets Making Huge Profits
The recent transfer aligns with a broader trend of dormant Bitcoin wallets becoming active, spurred by the recent surge in market prices following Donald Trump’s U.S. election win earlier this month. Bitcoin is currently trading at $88,532, having cooled off slightly from a record high of $93,214 earlier in the week.
This year has witnessed several instances of “Satoshi Era” wallets reawakening, containing Bitcoins mined between 2009 and 2011. While it’s unclear if these Bitcoins have been sold, early adopters are likely seizing the opportunity to capitalize on the high profits as Bitcoin continues to set new records.
This trend is expected to persist, with whales potentially realizing substantial gains at current Bitcoin price levels. However, the resurgence of these early wallets could introduce considerable selling pressure, which might impact Bitcoin’s price momentum. Despite this possibility, bullish investors remain hopeful that Bitcoin will reach the crucial $100,000 resistance level by the end of the year.
Bitcoin ETF Outflows Concerning?
In a related development, U.S.-listed Bitcoin ETFs experienced significant outflows, marking the third-largest since their inception. A total of $400.7 million was withdrawn on Thursday, according to Farside data. Bitcoin recently corrected nearly 6% from its all-time high on November 13, when it exceeded $93,000. Despite this, the price movement isn’t overly alarming, as investors often take profits after setting new all-time highs.
BlackRock’s IBIT ETF continued its strong inflow trend, witnessing $126.5 million in new investments since November 7. Conversely, Fidelity’s FBTC faced outflows of $179.2 million, Bitwise BITB saw $113.9 million in outflows, Ark’s ARKB recorded outflows of $161.7 million, and both Grayscale products experienced combined outflows of $74.9 million.
A Correction To $78K Or Rally Towards $100K?
Bitcoin’s price recently achieved a new all-time high of $93,265, but it soon declined by 3.3% the following day. Currently trading at approximately $89,691, Bitcoin briefly touched $87,000 amidst the ETF inflows. Market analysts remain optimistic about Bitcoin’s potential to surpass the $100,000 mark. However, this optimism might be short-lived if BTC holders and miners decide to realize profits, thereby increasing selling pressure and possibly causing a pullback to $78K.
The cryptocurrency market continues to be dynamic and unpredictable, with investors keeping a close watch on developments. The interplay between long-term holders, market trends, and ETF movements will likely define Bitcoin’s trajectory in the coming months.
