10 Thousand Bitcoins Awakened After 7 Years! Is Selloff Coming?

Bitcoin (BTC) holders are asking questions after 10,000 BTC abruptly left their wallet since 2013. On-chain data, marked August 28-29, confirmed that nearly a decade later, a large slice of Bitcoin has become liquid again.

7-10 years old 10,000 Bitcoins are back in action

Bitcoin whale again moved 5,000 BTC. Maartun, the latest CryptoQuant Quicktake market analyst, discovered the same 5,000 BTC transaction of the same age as the one executed on Sunday. In this context, the analyst made the following statement:

Another 5,000 BTC moved a block ago. The fact that Bitcoin is the same age as yesterday (7y ~ 10y) makes it an identical transaction. It’s hard to tell if it’s the same market participant. This makes it an experienced market participant who really wants to get out, not an event.

As we reported as Kriptokoin.com, 5,000 Bitcoins were moved yesterday. Maartun does not confirm whether the transactions are from the same market participant. However, it’s worth noting that a user in the comments shared a wallet address whose transaction data matches that described by Maartun in both Quicktakes. Specifically, after receiving 5,000 BTC on Sunday, the address seems to have transferred it again.

Wu Blockchain also monitors transactions. In a tweet yesterday, crypto journalist Colin Wu revealed the source of the transaction. This shows that 5,000 BTC has been dormant since 2013. In this context, he confirms his age as nine. Also, Wu reveals that there are three more Bitcoin addresses from the same source, two of which hold 5,000 BTC and one of which is about 6,071 BTC. In particular, one of the accounts holding 5,000 BTC sent it today. But again, the buyer sent it shortly after receiving the address.

The reasons for this sudden whale activity are unknown. However, Maartun states in his previous Quicktake that in the past such transactions have led to market consolidation or price correction. However, the analyst notes that this transaction is different from others this year, as Bitcoins are not sent to exchanges.

“Lawless era” Bitcoins hit the road

Analysts first started noticing the intriguing high trading volumes this weekend. A day later, almost the same 5,000 BTC was joined to the funds, which have remained in the same wallet since 2013 and whose owner is still unknown. In total, 10,000 BTC moved for the first time since 2013. On-chain detectives wonder what the responsible whale’s purpose is.

Analysis of target wallets concluded that the funds were not sent to an exchange for sale. Instead, they were split among a multitude of new wallets. As a contributor to on-chain analytics platform CryptoQuant, Maartun considers the rationale behind the move. In this context, she suggests privacy may play a role.

Maartun cites comments from Ki Young Ju, CEO of CryptoQuant, who last week argued that particularly large amounts of “former” cryptocurrency holders should avoid drawing attention to their now greatly increased wealth. Because, in 2013, BTC was trading around a maximum of $1,165. According to Ki Young Ju, these coins were minted in the “lawless era.”

There are only six such transactions in Bitcoin history.

Meanwhile, the Whale Shadows indicator by Philip Swift, creator of on-chain analytics resource LookIntoBitcoin, was also collected. The data clearly shows two spikes in legacy cryptocurrencies. However, the transactions have sparked controversy about their impact on BTC price action. As Swift and CryptoQuant have shown, previous such spikes marked local highs for BTC throughout Bitcoin history.

Bitcoin whale shadows caption graphic / Source: Philip Swift / Twitter

Other social media commentators have said that the funds, Mt. He even suggested that he was tied to the rehabilitation process at Gox. Fears that compensation to creditors will begin this weekend and result in a major sale were ultimately unfounded, as we reported at Kriptokoin.com.