GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Dormant Bitcoin Wallet From 2013 Awakens, Moves $7.6 Million in BTC

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?

Bitcoin Average Dominance.
Bitcoin Average Dormancy. Source: CryptoQuant

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.

The post Dormant Bitcoin Wallet From 2013 Awakens, Moves $7.6 Million in BTC appeared first on BeInCrypto.

Latest Press

post-thumbnail
News
5 hours ago
Venezuela’s Bitcoin Mining Crisis: Government Actions and Potential Gas-Powered Solutions
Venezuelan Bitcoin miners halt operations as government disconnects power, citing strain on national...
READ MORE
post-thumbnail
News
5 hours ago
Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s Price?
The post Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s P...
READ MORE
default post thumbnail
News
5 hours ago
DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020
Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This...
READ MORE
default post thumbnail
News
5 hours ago
Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’
Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significan...
READ MORE
default post thumbnail
News
5 hours ago
Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations
A sudden and dramatic crash in the value of Curve Finance’s native token, CRV, has resulted in sub...
READ MORE
default post thumbnail
News
5 hours ago
Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls c...
READ MORE
default post thumbnail
News
5 hours ago
Bitcoin Stuck: Here Are 2 Things That Must Happen For BTC To Break $72,000
At spot rates, Bitcoin is firm, but traders doubt the uptrend following the unexpected dump on June ...
READ MORE
default post thumbnail
News
5 hours ago
Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). T...
READ MORE
post-thumbnail
News
5 hours ago
These Altcoin Projects Have Raised the Most Capital in 2024
In 2024, several altcoin projects have secured substantial funding, showcasing growing investor conf...
READ MORE
default post thumbnail
News
5 hours ago
Paxos Reportedly Downsizes Workforce by 20%: Details
Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started