A recent report from Arkham Intelligence revealed that $2 billion worth of dormant Bitcoin (BTC) has been transferred for the first time in five years. This news comes as Grayscale, the company behind the Bitcoin Trust (GBTC) fund, also moved 9,000 BTC to a crypto exchange.
According to Arkham Intelligence, the $2 billion worth of BTC was moved just before the US markets opened today. This is the first time these coins have been moved since 2019.
The blockchain security and market intelligence platform posted on X, stating that “these Bitcoins have all moved at the same times and dates” and were consolidated from 49 addresses into 5 new addresses, each holding between 8K-12K BTC ($380M-$480M per address).
This news comes as Grayscale reportedly transferred 9,000 BTC worth over $385 million on Tuesday. The company’s BTC transfers occurred in several batches of 1,000 coins each and were sent to Coinbase Prime, according to blockchain sleuth Lookonchain.
Last week, wallets linked to Grayscale transferred 4K bitcoins to the exchange, following the SEC’s approval of spot Bitcoin ETFs. This has caused outflows from GBTC, potentially injecting new sell pressure on the benchmark crypto.
At the time of writing, Bitcoin’s price was at $43,071, and it remains to be seen if these recent BTC movements will affect the market.