A Bitcoin wallet that had remained inactive for over six years has transferred $377.6 million worth of BTC. According to data from Lookonchain and Arkham, the wallet address "18Vm…VpQ9x" moved approximately 4,582 BTC to five different addresses on Monday. The funds are still held in the recipient addresses. The wallet originally received the 4,582 BTC in March 2020 when the holdings were valued at roughly $40.8 million.
This movement comes shortly after another Bitcoin whale, identified as "bc1q…nhj0," transferred 4,500 BTC ($375.7 million) to an address after more than four years of inactivity. The recent activity of these long-dormant wallets has caught the attention of the crypto community.
As of Monday evening, Bitcoin (BTC) fell 0.4% over the past 24 hours to $83,245, after briefly dropping to a local low of around $81,220. Justin d'Anethan, head of research at Arctic Digital, noted that the recent drop does not invalidate the potential bull run but suggests some recalibration and the formation of a new support zone.
QCP Capital has forecasted that Bitcoin will trade between $80,000 and $90,000 in its base case scenario for the fourth quarter.