In an unexpected turn of events, a whale wallet, long dormant for six years, suddenly became active early Friday, transferring bitcoin (BTC) to Coinbase as the preeminent cryptocurrency struggled to maintain its ascent beyond $62,000.

Identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, this crypto wallet dispatched a hefty 1,000 BTC, valued at over $61 million, to Coinbase Pro, according to analytics provided by Lookonchain and Arkham Intelligence. Remarkably, these bitcoins were procured six years ago for a modest sum of $6.68 million. In cryptocurrency parlance, a whale refers to a wallet holding 1,000 BTC or more.

This quarter has witnessed a notable surge in previously inactive bitcoin wallets springing to life, transferring their holdings to exchanges. Just a day earlier, a wallet associated with a bitcoin miner stirred for the first time in 14 years, moving 50 BTC to Binance.

Analysts theorize that these long-dormant holders might be aiming to liquidate their assets while prices hover near historic highs or partake in speculative activities within the derivatives market. The sell-off by long-term holders, coupled with accelerated liquidations by miners and the German government’s divestment of its coin holdings, has exerted downward pressure on prices, resulting in a nearly 9% decline this month.

At the time of writing, bitcoin is trading at $61,550, having repeatedly failed to sustain gains above the $62,000 threshold since Tuesday, as per CoinDesk data.

Market volatility is anticipated to increase later on Friday following the release of the Federal Reserve’s favored inflation measure, the core Personal Consumption Expenditures (PCE) price index for May. According to Bloomberg, economists are forecasting no change in the PCE price index and a slight 0.1% rise in the core PCE, leading to 2.6% annual advances in both headline and core figures.

A favorable inflation report could bolster the argument for Federal Reserve rate cuts this year, potentially stabilizing BTC, which, as some observers predict, appears poised for a deeper descent toward $50,000.