A Bitcoin wallet that had been dormant for over 10 years has, in a move that caught the attention of the wider cryptocurrency community, sudden sprung to life, transferring a substantial 1,432.93 Bitcoin, worth around $38.1 million, to a new address.
According to on-chain analytics firm Lookonchain, the whale’s wallet had received its coins back in April 2019, when each $BTC was valued at around $195.4. At the time of writing, one coin is trading at $26,600.
The monumental price growth of the flagship cryptocurrency between the wallet’s transactions means that the whale transferred the funds after recording a staggering 13,500% growth on their holdings.
The Bitcoin stash in question falls under what is referred to as the ‘Ancient Supply’ – coins that were purchased at least seven years ago, although some experts consider a five-year period as the baseline. It’s woth noting that by 2013, Bitcoin’s founder Satoshi Nakamoto was no longer active, meaning these aren’t considered Satoshi-era coins.
The BTC is moving at a time in which the combined trading volume of both spot and derivatives on centralized cryptocurrency exchanges has fallen 15.7% to $2.41 trillion, recording its second consecutive monthly decline. Spot trading volumes fell 21.8% last month to $494 billion, their lowest level since March 2019.
That’s according to CCData’s latest Exchange Review report, which notes that the drop in trading activity can be attributed to a sustained period of narrow price movement for major cryptocurrencies, Bitcoin and Ethereum. The 30-day annualized volatility of these assets plummeted to levels unseen since the year’s outset, with a peak daily volume of $24 billion traded on May 5.
Volumes started falling ell before the U.S. Securities and Exchange Commission (SEC) took legal action against leading cryptocurrency exchange Binance, a day before it moved against Nasdaq-listed cryptocurrency exchange Coinbase.
Binance, as CryptoGlobe reported, has reportedly seen investors withdraw a staggering $790 million off of its platform shortly after it was sued by the SEC. The SEC’s allegations against Binance include engaging in the unregistered offer and sale of securities.
The charges also extend to CZ and his entities, accusing them of improperly mixing investor funds with Binance’s own funds. Furthermore, the SEC alleges that Binance bypassed its own controls to allow institutional U.S. investors to use Binance’s international exchange instead of the supposedly isolated U.S. version.
Featured image via Unsplash.
