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07/05 04:00
14-Year Dormant Bitcoin Whale Activates, Moves 80,
14-Year Dormant Bitcoin Whale Activates, Moves 80,000 BTC
Bitcoin's crypto community is abuzz following the movement of 80,000 BTC from a 14-year dormant wallet believed to be controlled by an early miner from 2011, with no current exchange deposits observed.
The event highlights lingering supply concerns and market speculation, as dormant Bitcoin supply reactivation could influence investor confidence and market dynamics.
The dormant wallet containing BTC from 2011 has recently become active, moving over 80,000 BTC across several addresses. Analysis by Conor Grogan of Coinbase attributes the moves to a single, early Bitcoin miner who once held up to 200,000 BTC.
"An early miner from 2011, who once controlled 200,000 BTC, appears to be behind the movement of 80,000+ dormant coins. These were rewards from at least 180 mined blocks." - Conor Grogan, Director of Product Strategy and Business Operations, Coinbase
The funds’ movement, equated to approximately $8.6 billion, has not yet been linked to any known exchange addresses, indicating no immediate plans for liquidation or any associated sell-off pressure on the market.
Historically, similar ancient wallet activities have sparked short-term concern and volatility. Despite this, market impact has been negligible unless assets are transferred to exchanges, in which case sell pressure intensifies.
Past movements of early Bitcoin holdings have resulted in media speculation, increased tracking of whale activities, and concern among investors related to potential price effects.
Given the historical precedents and the community's reaction, should these funds enter exchanges, a ripple effect might influence market volatility. Additionally, the event underscores the continuous dormant supply in crypto markets which, if activated, may affect Bitcoin's perceived value and security insights.
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