Over the past decade, long-term Bitcoin (BTC), holders have accumulated wealth. The statistics of BitInfoChartsBinance has received 8000 BTC coins from a BTC wallet which had lain dormant inactive for over five years. The transfer is worth $535.6 Million today. The wallet received coins on December 6, 2018. In those days, one BTC cost about $3 810. BTC has increased in price by 1673% since December 2019.
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It’s unclear as of yet who is the owner. This wallet may belong to a Bitcoin Whale. financial Binance or another institution could be the target. Owners may wish to take profits on their holdings after more than 5 years.
Does Bitcoin price drop after transfer?
![Bitcoin](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/Bitcoin-Wallet-Wakes-Up-After-55-Years-With-535-Million.jpg)
It is common to view sending assets to a cryptocurrency exchange as a negative development, since it can increase the likelihood that they will be sold on the market. It is possible that a price drop could occur if you put 8000 BTC up for auction.
Bitcoin experienced a decline in value over the last couple of days. It is now below $68,000. This dip could be caused by the FOMC meeting on June 12th, 2024. The US Employment Data may also have had an effect on BTC.
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BTC fell 0.9% during the last 24 hour, by 5.3% over the course of a week, and by 2.2% for the next 14 days. Although the asset’s price is up 10.3% from the previous month, it still has a long way to go.
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/Bitcoin-Wallet-Wakes-Up-After-55-Years-With-535-Million.png)
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According to crypto analyst Ali Martinez, BTC’s price ‘loves to rebound after every FOMC meeting.’ We may see a big rally in the near future.
The analyst also pointed out that BTC had a difficult third quarter. This is the one we’ll be in in a little over a week. We may therefore face a price correction by the end of July this year.
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Source: watcher.guru