Bitcoin Whale Awakens After 6 Years, Sends $61M to Coinbase

A Bitcoin whale, inactive for six years, deposited 1,000 BTC (worth over $61 million) to Coinbase Pro. This recent activity follows a trend of dormant Bitcoin wallets waking up and sending coins to exchanges. In the past week, a Bitcoin miner's wallet, inactive for 14 years, transferred 50 BTC to Binance. Analysts believe these moves might be driven by long-term holders cashing out at near record highs or engaging in speculative activities. This trend, coupled with selling by miners and the German government, has pushed Bitcoin prices down nearly 9% this month. The Fed's preferred inflation gauge (core PCE price index) is due out later Friday, which could impact price volatility. A benign inflation print might support Fed rate cuts and potentially put a floor under Bitcoin, which some observers believe could slide further toward $50,000.