Two long-term Bitcoin holders moved significant funds to exchanges on Wednesday as escalating conflict in the Middle East rattled energy markets. A wallet identified as bc1ql sent 1,000 BTC, worth roughly $71 million, to Binance, according to blockchain data platform Arkham. The wallet originally acquired 5,000 BTC thirteen years ago.
On the same day, early Bitcoin holder Owen Gunden transferred 650 BTC, valued at approximately $46 million, to exchange Kraken, his first major sale in five months, according to analytics platform Lookonchain. The moves reflect broader profit-taking among long-term holders during a risk-off market shift.
The transfers coincided with reports of Israel striking Iran‘s South Pars gasfield and Iran subsequently attacking Qatar‘s Ras Laffan natural gas complex. Brent crude rose above $119 a barrel before settling near $114.77. Bitcoin fell 5% to $70,439, while gold dropped 4.2% to $4,686 per ounce, suggesting a broad investor retreat from risk assets rather than a rotation into safe havens.
Originally reported by CoinTelegraph.
