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A Bitcoin wallet that has been dormant for 14 years. Huge amount transferred to Coinbase

A Bitcoin wallet that had sat untouched for 14 years came to life, with 50 Bitcoins (worth approximately $3.28 million) transferred to the Coinbase exchange.

On-chain data reveals that the wallet dates back to April 2010 and belongs to one of the first Bitcoin miners who received Bitcoin as a mining reward.

Bitcoin holders were selling Bitcoin

The movement of these “old” Bitcoins is still generating buzz within the cryptocurrency community. Large transactions by these early adopters, often referred to as cryptocurrency whales, are likely to impact market sentiment. This is because investors can interpret their buying and selling patterns as indicators of future price trends.

However, this coincides Biology The latter of this portfolio remained inactive for a long time and a broader trend was observed in 2024. Data from CryptoQuant suggests that long-term Bitcoin holders gradually sold their holdings over the year. This trend was confirmed by the sell-off on April 5, 2024, when Bitcoin traded at around $67,800.

Evolution of the net positions of Bitcoin holders over the long term.
Evolution of the net positions of Bitcoin holders over the long term. Source: CryptoQuant

Historically, whale sell-offs have been seen as bearish signals, which could indicate that cryptocurrency holders are making profits. Conversely, some moves simply serve to move assets to different portfolios before spreading them further.

Why this 14-year-old wallet woke up remains a mystery. Some possibilities include taking advantage of the rising value of Bitcoin, diversifying investments, or simply consolidating holdings. Whatever the reason, the transfer highlights the enduring nature of Bitcoin and the enormous wealth accumulated by those who participated in its early days.

Cryptocurrency analyst Kashif Raza notes that although the price of Bitcoin has recovered, large investors, those who own at least 0.1% of Bitcoin, have been relatively inactive in their purchases. He points out that these large holders only added 3,000 BTC today, which is far less than the 80,000 BTC purchased after the price drop in March.

And he wrote “The inactivity of large operators indicates that prices could fall further,” Reda said.

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