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A long-inactive Bitcoin wallet has resurfaced, moving 114 BTC worth $7.6 million after nearly 11 years of dormancy.
The wallet, which dates back to 2013, made headlines as it transferred a substantial amount of Bitcoin, raising questions and concerns within the crypto community.
Dormant Bitcoin Wallet From 2013 Moves $7.6 Million
On May 19, 2024, the dormant wallet executed its first transaction in over a decade. This movement was detected by blockchain analysts and has sparked significant discussion about the potential implications for the Bitcoin market.
Dormant Bitcoin wallets are addresses that have not shown any activity for extended periods. When these wallets suddenly move large amounts of BTC, it often causes a stir. Analysts usually interpret such events as negative signals because they can indicate that early adopters or significant holders, sometimes referred to as “crypto whales,” are cashing out their holdings.
In the context of recent market trends, the reactivation of this wallet has come at a time when institutional interest in Bitcoin is on the rise. According to CryptoQuant, increased activity from institutional investors has led to fluctuations in previously dormant crypto addresses.
This trend suggests that large holders are becoming more active, possibly in response to changing market conditions or new regulatory developments.
Read more: Who Owns the Most Bitcoin in 2024?
Understanding why dormant wallets move funds is noteworthy and requires some background in market psychology. Substantial sales of Bitcoin can flood the market with supply, potentially lowering prices.
However, Javier Bastardo, the Bitcoin Ambassador at Bitfinex, believes the dormant Bitcoin whale’s activities would have no significant impact on the market.
“I don’t think this is a significant movement that will affect or influence BTC price. However, it’s important for users to understand that there are a significant number of long-term investors who are ready to hold their BTC positions for years,” Bastardo told BeInCrypto.
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