Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The so-called old hands have been selling coins this quarter, adding to bearish pressures in the market.Out of the blue, a whale wallet that had been inactive for six years sprung to life early Friday, moving bitcoin {[BTC}} to Coinbase as the leading cryptocurrency faded the spike above $62,000.
The crypto wallet identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3 deposited a substantial 1,000 BTC, valued at over $61 million, to Coinbase Pro, according to data tracked by. Notably, these coins were acquired six years ago for a mere $6.68 million. A whale is wallet that holds 1000 BTC or more. This quarter, there has been a noticeable increase in the so-called dormant bitcoin wallets stirring into action by moving coins to exchanges. On Thursday, a wallet tied to a bitcoin minerAnalysts speculate that these dormant holders might be looking to cash out while prices hover near record highs or engage in speculative activities in the derivatives market.
Price volatility may pick up later Friday following the release of the Fed's preferred inflation gauge, the core Personal Consumption Expenditures price index for May. Per Bloomberg, economists expect no change in the PCE price index and a marginal 0.1% increase in the core PCE, leading to 2.6% annual advances in the headline and core figures.
A benign inflation print might strengthen the case for Fed rate cuts this year and put a floor under BTC, which, currently, looks set for ain a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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