Bitcoin Whale Has Returned From Hibernation And Moved 139 BTC

Key Points:

• Another Satoshi-era Bitcoin whale emerged from dormancy, transferring 139 BTC to a new SegWit address.
• The owner spent $2,250 in 2011, but the current market value of the stash is now $3.5 million.
• Coin movements from ancient wallets can pressure the market Bitcoin price, but holders occasionally transfer their Bitcoin for safekeeping.

The emergence of a dormant Bitcoin whale from the Satoshi era has been making headlines lately. It is reported that wallet 1H1Ab6 transferred 139 BTC to a new SegWit address, which has raised the attention of many in the cryptocurrency community.

The owner of the wallet had originally spent about $2,250 to purchase the coins in June 2011. However, the current market value of the stash is estimated to be around $3.5 million, which is a considerable increase in value over the years.

What makes these coins even more interesting is the fact that they are considered ‘ancient.’ Analysts refer to coins purchased at least seven years ago as ‘ancient Bitcoins.’ The activity of these ancient Bitcoins has increased significantly in the first half of this year. For instance, 3,200 coins have emerged from dormancy since the start of 2023, 1,100 of which date back to 2013. Furthermore, a Satoshi-era address recently moved 412 BTC worth $9.6 million, which is a considerable amount.

However, movements from ancient wallets are often considered to be a bad indication. In some cases, it can imply that the owner is moving the BTC to an exchange in preparation for selling at a massive profit. If this is the case, sales of this volume could significantly impact pressuring the market Bitcoin price. However, holders occasionally transfer their BTC to new addresses for safekeeping.

According to analysts at Glassnode, there is a lower chance of holders selling their BTC after 155 days.69% of Bitcoin addresses now have a weighted average holding period of over a year. This suggests that many holders are in it for the long haul and not looking to sell anytime soon.

A recent survey also revealed that the number of BTCs retained for a long time is increasing by 100,000 every month. This is a positive indication of the growing interest in Bitcoin as a long-term investment.

Bitcoin fell to a multi-month low of $25,850 on May 12, but it has since bounced back to $27,450 to kick off the week on May 15. Despite the volatility in the market, the interest in Bitcoin remains high.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News