Those wallets continue to hold that BTC and haven’t sent any to crypto exchanges as of Wednesday, which is usually a sign of intention to liquidate holdings.
Key management is crucial to Bitcoin maintaining decentralization. But, as hacks and exploits have grown in number, the dream of self-custody has become more difficult to maintain.
There are short-term factors like the new U.S. ETFs and the upcoming Bitcoin halving. But the longer-term case rests on larger macro factors, says Torbjørn Bull Jenssen.
The wallet receiving the hefty payout is the address that mined the Bitcoin network's first-ever block reward some 15 years ago, commencing the start of the blockchain.
The U.S. Department of Justice said it secured a guilty plea from the operator of crypto "market maker" MyTrade, which was one target in a wide-ranging sting that brought manipulation charges to multiple firms and individuals earlier this month.