[Afternoon News Briefing] Coinbase Executive: "14-Year Dormant Whale BTC Transfer, Possibility of Hacking"

Coinbase Executive: "14-Year Dormant Whale BTC Transfer, Potential Hacking"

Regarding the transfer of 10,000 BTC by a 14-year dormant whale across eight transactions the previous day, a hacking possibility was raised. Conor Grogan, Director of Product Strategy and Business Operations at Coinbase, explained on X: "About 14 hours ago, a one-time test transaction occurred on the Bitcoin Cash (BCH) network, followed by BTC transfers. Since BCH is not a highly monitored network by whale monitoring services, this transaction could be an attempt to test private keys while avoiding monitoring. This is an extreme speculation, but overall, this movement is unusual. Based on BCH activity and passive BTC transfer method, it appears difficult to classify as an exchange wallet."

Anonymous Whale Deposits $167 Million BTC to Binance

LookOnChain reported that an anonymous whale deposited 1,550 BTC ($167 million) to Binance. Generally, exchange deposits are interpreted as selling intentions, while withdrawals are seen as holding purposes. However, exchange deposits do not necessarily lead to selling.

24-Hour Cryptocurrency Perpetual Futures Liquidation Scale

Recent 24-hour cryptocurrency perpetual futures liquidation scale and liquidation ratio are as follows:

ETH Liquidation Scale: $57.68 million, Liquidation Ratio: Long 83.33%

BTC Liquidation Scale: $49.74 million, Liquidation Ratio: Long 89.96%

SOL Liquidation Scale: $11.86 million, Liquidation Ratio: Long 84.06%

Whales Sell $5 Billion BTC in a Year...Absorbed by Institutions

Unfolded reported, citing 10x Research, that whales sold over 50,000 BTC (equivalent to $5 billion) in the past year. In contrast, spot ETFs and institutional investors purchased 900,000 BTC during the same period, absorbing the selling pressure. These institutions currently hold 4.8 million BTC.

Anonymous Whale Withdraws $61.11 Million BTC from Binance

AmberCN reported that an anonymous whale withdrew 567.3 BTC ($61.11 million) from Binance. He explained, "Market anxiety spread when a wallet holding 80,000 BTC moved, causing prices to decline. This whale seems to have used the price drop as a buying opportunity."

Analysis: "BTC Financial Strategy Has Short Lifespan"

An analysis suggests that corporate financial strategies using Bitcoin may not last as long as expected. According to Cointelegraph, James Chek, Senior Analyst at Glassnode, stated, "The lifespan of Bitcoin financial strategies is much shorter than most anticipate and may already be over for new entrant companies. The key is not just competition, but how sustainable a company's product or strategy is for long-term Bitcoin accumulation." Additionally, Fakhul Miah, Managing Director of Gomining, a digital BTC mining company, noted, "The current concern is companies attempting to create Bitcoin banks without proper safeguards or risk management. The collapse of such small companies could damage Bitcoin's overall image."

Swedish Minister of Justice Urges Strengthening Cryptocurrency Crime Proceeds Confiscation

Decrypt reported that Gunnar Strömmer, Swedish Minister of Justice, urged police, tax authorities, and enforcement agencies to strengthen the confiscation of crime proceeds, including cryptocurrencies. He requested authorities to actively utilize the asset confiscation law introduced last November, stating, "We must strengthen inter-institutional cooperation and focus on high-yield assets. Now is the time to increase pressure."

Over 30% of BTC Remains Dormant for More Than 5 Years

Cointelegraph reported that 30.4% of total Bitcoin remains inactive for over 5 years.

Altcoin Season Index at 24...Up 1 Point from Previous Day

CoinMarketCap's 'Altcoin Season Index' recorded 24, up 1 point from the previous day. The Altcoin Season Index is determined by comparing price fluctuations between the top 100 coins (excluding stablecoins and wrapped coins) and Bitcoin. If 75% of the top 100 coins have higher growth rates than Bitcoin over the past 90 days, it's considered an Altcoin Season; otherwise, a Bitcoin Season. The closer to 100, the more it indicates an Altcoin Season.

Crypto 'Fear & Greed Index' at 67...Maintaining Greed

Alternative's self-calculated 'Fear & Greed Index' recorded 67, down 6 points from the previous day, maintaining the greed stage. The index approaches extreme fear near 0 and extreme optimism near 100, calculated based on volatility (25%), trading volume (25%), social media mentions (15%), surveys (15%), Bitcoin market cap proportion (10%), and Google search volume (10%).

Trump Signs 'BBB' Tax Reduction Bill

CBS News reported that Donald Trump signed the 'Big Beautiful Bill' (BBB) tax reduction bill.

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