On-chain data has shown the movement of Bitcoin (BTC) that has been dormant for a number of months and years.
About a billion dollars worth of BTC was spotted leaving the leading US-based exchange Coinbase at a time when the largest cryptocurrency is trading at over 70% below its price all-time high.
According to on-chain data provided by blockchain insights firm CryptoQuant, 48,000 BTC worth $921 million at current prices was moved away from the Coinbase Pro platform today.
CryptoQuant stated that 32,000 of the coins have been dormant on the exchange for 3 to 5 years.
“A total amount of 48,000 BTC has moved on-chain. A big portion is really old coins (between 3 and 5 years old).
- 3m – 6m: 11,280 BTC
- 2m – 18m: 4,560 BTC
- 3y – 5y: 32,000 BTC
The outflow of 48,000 BTC is coming from Coinbase Pro and has a dollar value of $940,032,000.00″
🚨A total amount of 48K $BTC has moved on-chain.
A Big portion are really old coins (between 3 and 5 years old).
▶ 3m – 6m: 11,280 BTC
▶ 12m – 18m: 4,560 BTC
▶ 3y – 5y: 32,000 BTC
— Maartunn (@JA_Maartun) October 18, 2022
According to CryptoQuant, further investigation is still needed to know the main purpose of the whopping transaction.
It’s worth noting that transactions like this are usually carried out by exchange or an outflow to cold storage by a large player.
The blockchain insights firm also revealed that after the huge transaction, 8,000 BTC were sent to Coinbase in batches of 122 coins each.
CryptoQuant further averred that institutions are likely behind these whopping movements of BTC, adding that the market also saw similar transfers during the 2021 bull run. The firm thereby opined that this is likely an indication that a bull market is around the corner.
At the time of publication, BTC is trading at $19,268, with a 1.36% price downtrend in the last 24 hours.