Dormant Bitcoin Wallet From 2012 Awakens, Moving Millions—BTC Price To Dip?
30 Octobre 2024 - 2:00PM
NEWSBTC
A Bitcoin wallet containing around 749 BTC, equivalent to roughly
$53.2 million, has been reactivated after nearly 12 years of
inactivity. This sudden move in funds was detected in the early
hours of Tuesday, as blockchain tracking platforms such as Mempool
and Whale Alert recorded a transfer of approximately 159.2 BTC,
valued at $11.3 million, from this long-dormant wallet. Related
Reading: Bitcoin Price Skyrockets Above $71,000: Key Reasons
Explained The last known transaction from this address was back in
November 2012, when Bitcoin’s price was around $10, making the
wallet’s balance worth below $9,000. 💤 💤 💤 💤 💤 💤 A dormant address
containing 749 #BTC (53,227,433 USD) has just been activated after
12.0 years (worth 7,974 USD in 2012)!https://t.co/5SzBYeKlk1 —
Whale Alert (@whale_alert) October 29, 2024 Details Of The Moved
Millions Data from on-chain monitoring platform Mempool, shows that
the recent transaction was conducted at 7:28 a.m. UTC. Of the 159.2
BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to
the sender’s address, labeled as “change” by blockchain analytics
firm Blockchair. The remaining 35 BTC, or $2.4 million, was
transferred to an unknown address. Details surrounding the wallet’s
owner and their intentions remain unidentified, leaving the crypto
community speculating on the motive behind the transaction and the
identity of the long-term Bitcoin holder. However, the timing of
the awakening of this dormant wallet is quite noteworthy. It comes
at a time when Bitcoin has been seeing consistent increases in
price in recent weeks. Particularly, the asset has finally broken
above the $70,000 resistance with a current trading price of
$72,638 up by 5.3% in the past day. Notably, movements from
long-inactive wallets have historically generated intrigue, with
crypto enthusiasts theorizing that these could be the actions of
early adopters, lost-and-found wallets, or entities choosing
strategic timing to engage with the market. Although the reason
behind this wallet move of its BTC isn’t certain, reactivating
wallets like this one especially as Bitcoin continues to surge in
price might indicate shifts in holders’ strategies, driven by
favorable market conditions or other personal financial objectives.
Bitcoin Onchain Performance Awakening of wallet aside, Bitcoin has
been seeing quite an interesting and positive trend behind the
scenes, especially regarding on-chain metrics. So far, analysts
have highlighted several BTC metrics that are now flashing a
positive momentum for the asset, suggesting further price
increases. For instance, yesterday, a CryptoQuant analyst known as
Darkfost disclosed that Bitcoin hash ribbons have flashed a buy
signal. Darkfost noted: Historically, purchasing Bitcoin during a
Hash Ribbons signal has aligned with strong long-term returns.
Recently, we saw another signal following the major one this past
summer. Another metric suggesting price increase for Bitcoin
highlighted by a CryptoQuant analyst named BinhDang is the
Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in
a recent post, this metric has bottomed to levels not seen in 2022.
A move that preceded a rally. Notably, the Stablecoin Supply Ratio
Oscillator provides insights into Bitcoin market demand by
analyzing Bitcoin’s market cap against that of major stablecoins.
Related Reading: Bitcoin Bull Run Not Over Yet? This Ratio Has Just
Seen A Golden Cross The oscillator measures the extent to which
stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin
and thus signal purchasing interest. A low value of the metric
signals more stablecoins are being converted to Bitcoin, therefore
suggesting increasing demand. Featured image created with DALL-E,
Chart from TradingView
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