Bitcoin Address Dormant for 5.5 Years Just Sent Half A Billion BTC To Binance

Highlights

A Dormant Bitcoin address has come back to live after 5 and a half years
The address reportedly sent 8,000 BTC to Binance Exchange
This might trigger a slight slump in BTC price but growth catalyst are at play

An old Bitcoin (BTC) address that has been dormant for 5 and a half years recently resurfaced. According to data from Lookonchain, a popular on-chain analytical platform, the once-dormant address recently transferred 8,000 BTC, valued at about $535 million to the Binance crypto exchange.

History of the Bitcoin Dormant Address

The dormant address first resurfaced in 2018, receiving 8,000 BTC from 6 different transactions on December 5.

A wallet that had been dormant for 5.5 years transferred 8K $BTC($535.64M) to #Binance 40 mins ago.

The wallet received 8K $BTC on Dec 6, 2018, when the $BTC price was $3,810.https://t.co/zvxAKbHKi6 pic.twitter.com/ZKZHdm4JkR

— Lookonchain (@lookonchain) June 11, 2024

According to the details, the highest transaction to the wallet was 8,825 BTC, while the least was 400 BTC. At the time, the price of Bitcoin was $3,810, translating to $30.4 million in investments. With the current price of Bitcoin hovering around $67,000, the 8,000 BTC are now worth approximately $535 million, generating a whopping $505 million profit for the investor.

The recent BTC transfer was met with mixed reactions from the online crypto community. While some claim the Bitcoin transfer to Binance is for safekeeping, others think that the investor wants to claim profits. Another set of individuals says a bear market is on the horizon. Thus, they claim the investor is making a smart move to avoid potential losses to its investment.

Meanwhile, BTC is currently experiencing increased liquidation, a trend that is dragging altcoins to lower levels. As revealed in an earlier Coingape report, the combined crypto market liquidations soared to $93.68 million. Of these liquidations, Bitcoin led the charge with over $14.59 million.

At press time, Bitcoin is trading at $66,224, demonstrating a 5.2% decrease in the past 24 hours, and a 6% decrease in the past week.

This drop is quite substantial as Bitcoin recorded a high of $73,798 in March, driven by inflows into dedicated US Exchange-Traded Funds (ETFs). Notably, the recent drop in Bitcoin’s price comes amid anticipation of a potential interest rate cut in the United States. Many believe the Federal Reserve will follow in the footsteps of the Bank of Canada, and the European Central Bank, which cut down their interest rate last week.

Per an earlier report from Coingape, the Fed is less likely to follow a similar action due to strong jobs data unveiled last week.

Will Bitcoin’s Price Bounce Back

Whatever happens, many market analysts see the upcoming Federal Open Market Committee (FOMC) meeting scheduled for Thursday as a potential catalyst that could drive Bitcoin’s price up. Their expectation is based on the premise that past FOMC events have been followed by rallies in Bitcoin’s price. Whether this happens will also be determined by other factors like investors’ sentiments.

The potential approval of S-1 registrations for spot Ethereum ETF could also fuel a broad market resurgence.

TAGS
Bitcoin

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.