10-year dormant Bitcoin, surprise massive movement...Quietly accumulated, why now?

▲ Bitcoin (BTC)

Bitcoin whales that had been dormant for over 10 years traded hundreds of Bitcoins (BTC) at a time of surging prices, immediately heightening market tension.

Cryptocurrency specialized media Bitcoin.com reported on May 4 (local time) that wallets that had been inactive on the Bitcoin network for a long time generated a total of 62 transactions over three days starting from May 1. The volume moved during this period was approximately 793 BTC, valued at about 62.5 million dollars.

At the center of this movement are wallets created in the second half of 2016. Of the total 62 outputs, 56 originated from these wallets, with approximately 600 BTC moved. Activity sharply increased, especially on May 3, when Bitcoin surpassed $79,000, with 50 transactions concentrated on that single day.

Market attention turned to early wallets created in 2011. On May 1, a total of 130.02 BTC moved from two wallets, specifically a 110 BTC wallet created on June 13, 2011, and a 20.02 BTC wallet created on July 6 of the same year. This volume accounts for approximately 16% of the total movement.

Additionally, wallets created between 2012 and 2014 also moved sequentially. 11.36 BTC acquired in 2012 was transferred on May 1, and 11.77 BTC moved from a 2013 wallet on May 3. From two wallets created in 2014, 10.07 BTC and 30.41 BTC were transferred respectively, totaling 40.48 BTC moved.

During the asset transfer process, the 2016 wallets showed a trend of abandoning the existing address system and transitioning to the latest P2WPKH-based addresses. The 2011 wallets also transferred assets in the same manner. The fact that wallets inactive for years have simultaneously resumed activity during a price surge and even reorganized their address structures acts as a variable that could affect market supply flows.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*