A Bitcoin “whale” from the Satoshi Nakamoto era has transferred 2,650 BTC, worth approximately $203 million, to the FalconX and Cumberland over-the-counter (OTC) trading desks. This on-chain movement may indicate a planned sale or liquidity operation by a long-dormant miner, according to Cointelegraph.com reports.
According to the blockchain data platform Arkham, the early Bitcoin (BTC) miner moved the funds on Sunday through two transactions of 1,000 BTC each and one of 650 BTC. Analysts at Onchain Lens reported on the X social network that the wallet address still holds 6,000 BTC, valued at $462 million.
While transfers to OTC desks often signal preparation for a sale, they do not definitively prove that the Bitcoin has been sold. Large holders often use OTC desks to avoid impacting price on public order books and to access deeper liquidity. The movement of Satoshi-era coins to institutional platforms is interpreted by traders as early investors reducing their positions.
This transfer occurred while the Bitcoin price has been trading in a narrow range around $77,347 over the past month. According to TradingView data, this figure is significantly lower than the average Bitcoin mining production cost of $93,175. This means that miners selling at current prices are realizing their assets at a loss relative to production costs.
However, various analytical centers provide different estimates for production costs. For example, Capriole Investment estimates the cost at $57,706, while CryptoRank puts the average cost around $74,600. According to a CoinShares report, nearly 20% of Bitcoin miners, especially those using older equipment, may currently be operating at a loss.
Read “Zamin” on Telegram!
