Dormant Bitcoin Whale Deposits $23.4M into Binance After 2 Years of Inactivity

A big Bitcoin ($BTC) whale has recently resurfaced following years of inactivity. In this respect, the Bitcoin whale has deposited a staggering $23.4M amount into Binance. As per the data from Arkham Intelligence, this move takes place after the whale’s inactivity for 2 years. Originally, this whale extracted the same amount of funds from Bitfinex up to 3 years ago.

Bitcoin Whale Deposits 300 $BTC into Binance, Earning $17.6M after 2-Year Dormancy

Based on the on-chain statistics, the Bitcoin ($BTC) has reentered the market with a stunning deposit of 300 $BTC, equaling a total of $23.4M, into Binance. Particularly, the whale has made this deposit following an extended 2-year period of inactivity. The development takes place following the whale’s original withdrawal of the same amount 3 years ago from Bitfinex.

At that time, the flagship crypto asset was changing hands at just $19,329. While $BTC is now trading at a much higher price level, the whale reportedly accounts for a notable $17.6M profit. As the transaction history of the whale points out, it obtained 50 $BTC, equaling nearly $2.2M, from another crypto wallet.

Massive Whale Transfers Highlight Likely Impact on Wider Sentiment

The respective wallet had itself sourced those funds from the hot wallet of Bitfinex a year earlier. Along with that, another crucial transfer took place when a $4.4M amount in the form of $BTC was transacted to the whale’s address. Moreover, the latest 300 $BTC deposit reaffirms the pattern of massive transactions.

According to Arkham Intelligence, the exclusive whale activity highlights a huge profit-taking move. At the same time, such big transfers could influence the wider market sentiment. Therefore, the investors and traders are keenly watching for the potential outcomes of this activity.