Whale Moves Dormant $2 Billion Bitcoin Amid Grayscale Sell Pressure

Amidst an increase in Demand for Bitcoin, $2 billion in Bitcoin that has been untouched since 2019 was moved today before US markets opened. These Bitcoins had been inactive since 2013, except for one move in 2019. The coins have been reported to usually move simultaneously and this time, it did so again. Consolidating from 49 addresses into 5, with each new address holding $380M-$480M worth of Bitcoin.

Arkham Intelligence also reported Grayscale's recent activities, Grayscale moved 9,000 BTC, worth $385 million, to Coinbase Prime, mounting selling pressure on Bitcoin. This move of theirs follows a pattern, as last week Grayscale also transferred 4,000 BTC to the exchange, as reported by lookonchain.

These Bitcoin transfers come as GBTC sees outflows after the SEC approved spot Bitcoin ETFs. Bitcoin's price is currently $43,071, and these movements might lead to more selling of Bitcoin in the market.