As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and whale activities. The recent movement of 2,000 BTC from a dormant wallet that dates back to 2010 is a testament to the unpredictable yet fascinating nature of cryptocurrencies.
As a long-time crypto investor, I recently noticed that a significant amount of Bitcoin (approximately 2,000 BTC) worth around $178 million has been transferred from cold storage to Coinbase. According to Mempool data, this stash has been held since as early as 2010, suggesting a whale’s strategic move in the crypto market.
The user first received BTC in 2010, when the asset was worth just $0.06 per coin and had a market cap of around $250,000. Trading volume at the time rarely topped $60,000 per day.
Transactions into an exchange often indicate that Bitcoin is being sold off. Lately, there has been increased activity in dormant Bitcoin wallets, possibly due to the surge in market-wide prices following Donald Trump’s U.S. election win earlier this month. According to Glassnode, there has been a significant rise in wallets that have not been used for over five years, reaching a two-month peak recently.
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At the moment, Bitcoin is being exchanged for approximately $88,532, marking a dip following its surge that established a new peak of $93,214 on Wednesday.
On various occasions this year, we’ve seen older Bitcoin wallets becoming active again as the cryptocurrency reached unprecedented highs. At least twice this year, large amounts of Bitcoin from the “Satoshi Era” (late 2009 to 2011) have been transferred from inactive wallets. It’s challenging to determine if these Bitcoins were sold, but given the substantial profits that could be made with today’s prices, it’s not unthinkable.
The increasing emergence of older bitcoin wallets may persist, as these holders might stand to gain significant profits at today’s prices. This action could potentially cap further price growth, although some traders remain hopeful that bitcoin will surpass the $100,000 mark – a psychologically significant barrier of resistance – before the end of this year.
Approximately 3-4 million Bitcoins are thought to be unrecoverable because the necessary private keys have become irretrievable. Consequently, some early Bitcoin wallets might remain inaccessible and unable to be converted into other assets.
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2024-11-15 19:23