A Bitcoin investor with a hefty bag of coins has emerged from a 5.5-year slumber. On June 11th, this crypto whale, identified by the address ‘1FMbcnYvvccZ6hR324cFRpn1QX9TCkqtAe’, moved a whopping 8,000 BTC to a Binance address.
This movement hints at a potential sale. Lookonchain, a blockchain analysis platform, estimates the whale acquired these Bitcoins at an average price of $3,810 back in December 2018, representing a $30 million investment. Selling them at today's price of $66,300 per Bitcoin would translate to a profit of over $500 million.
The transfer to Binance, a popular cryptocurrency exchange, typically precedes selling. This sizable transaction by the whale could influence the overall market sentiment and might indicate a bearish bias from this particular investor. With the Federal Open Market Committee meeting and interest rate decision looming, analysts have already predicted high volatility for Bitcoin this week.
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