Key Takeaways
- Dormant whale moved after two years of inaction
- Transaction details remain unconfirmed
Acquisition Made 3 Years Ago in 2.6 Million Yen Range
Lookonchain, an on-chain analytics platform, reported on the May 26 that a large investor (also called a “whale”), inactive for two years, deposited 300 BTC (approximately $23.4 million and approximately 3.58 billion yen) into Binance.
According to Lookonchain, the 300 BTC was withdrawn from Bitfinex three years ago. During this time, the bitcoin price was $19,329 (about 2.6 million yen per BTC at the time). After that incident, the address did not move for quite a while. This recent deposit was the first movement in two years. Based on the current BTC price, it is estimated that the whale has an unrealized profit of about $17.6 million (about 2.8 billion yen).
Whale Movement Detection
The movement of the large investor was confirmed through Arkham Intelligence’s blockchain explorer, where bitcoin held across three wallet addresses was aggregated on Binance. Deposits on Binance are often interpreted by the market as a precursor to selling. However, the specific transaction details after the deposit have not been yet confirmed at this time.
Indicator of Sentiment
The sudden, unexpected movement of long-dormant addresses is often seen as an indicator of sentiment in the bitcoin market. In particular, when whales move bitcoin to exchanges, it can be interpreted as a leading indicator of selling pressure. This is likely to increase a sense of caution among traders.
On-chain analytics, which tracks whale movements real-time, is gaining importance in the crypto market’s increasing transparency.
