An idle Bitcoin wallet holding 6,071 BTC worth $178 million suddenly became active after a 9-year hiatus. The Satoshi-era wallet only held $3.3 million worth of BTC in 2013. Here are the details…
Big Bitcoin whale takes action
The activation of this inactive address has sparked a lot of controversy in the cryptocurrency industry, given how rare it is for such large Bitcoin wallets from the Satoshi era to come back to life. An idle Bitcoin wallet containing 6,071 BTC worth $178 million was suddenly reactivated after being inactive for 9.3 years. In 2013, only $3.3 million worth of Bitcoin was stored in the Satoshi-era wallet.
https://twitter.com/whale_alert/status/1648729610975170562
The unexpected activation of the wallet has fascinated the Bitcoin world, and many have speculated as to who owns the wallet and why it suddenly became active. According to the wallet’s transaction history, the first transaction was on December 19, 2013, and the last transaction was on April 19th. Out of a total of 6,071 BTC, 2,071 BTC were displaced.
Because the funds did not go into any known exchange wallets, Ki Young Ju, a well-known cryptocurrency analyst and the name behind CryptoQuant, said the transfer was likely an over-the-counter (OTC) trade. The $173 million is a striking gain from the significant price change over the intervening years for the unidentified wallet owner.
2,071 $BTC just moved after 9 years, likely OTC trading as it did not transfer to exchange wallets.https://t.co/DQCJTebzvL pic.twitter.com/mqEdQhelY7
— Ki Young Ju (@ki_young_ju) April 19, 2023
What does this move mean?
Data from CoinGecko shows that the Bitcoin price is currently at $29,269.23, which indicates a significant increase in the wallet’s value since its launch. Market participants seem to be keeping a close eye on the broader cryptocurrency market and any activity from this whale address.
As we’ve reported on cryptokoin.com, these ancient “whales” are investors who have amassed significant amounts of cryptocurrencies in the early days of Bitcoin’s existence and have since maintained their holdings as Bitcoin’s value fluctuates over time. When these whales start selling their Bitcoin holdings, it could have a significant impact on the overall Bitcoin market. If large amounts of Bitcoin are suddenly sold or transferred, it can lead to a drop in the price of BTC as supply increases and demand either stays the same or decreases. Conversely, if large quantities of coins are bought or moved to cold storage, it can create a bullish sentiment in the market and lead to an increase in the coin price.
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