A Bitcoin whale, 1Hc4E, has reawoken after eight years of inactivity, to transfer 3,000 BTC worth just over $252M. The BTC stash was transferred through another fresh address, 17yjo, before ending up in bc1qx, where it is still being held.
The original stash had been held on this address, 1Hc4E, since 2017, and has since grown from $12.29M since being transferred in, to its $260M valuation today, a return of 2,115% (21.15x). The origins of this stash has been traced to addresses as old as from 2014 and earlier, with links to Coinbase transfers from the period.
While it is unclear what the purpose of the transfer is, such a move could be similar to many other old addresses which have been reactivated to move their Bitcoin to centralized exchanges, perhaps to finally take profit on their investments. Alternative motives could include just maintaining general security of their funds, or a potentially compromised seed phrase.
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