Major Movement of Dormant Bitcoin Wallets
Recently, several bitcoin wallets that had remained unused since the inception of the cryptocurrency in 2009 became active, facilitating the transfer of 250 BTC valued over $15 million.
Key Highlights
- Five wallets, dormant since the Satoshi era, moved BTC in batches of 50 coins each.
- Current bitcoin prices are around $63,500, having recently reached peaks exceeding $64,000.
The transfer of these coins was monitored by on-chain transaction service Whale Alert, which noted the significant activity from five separate wallets. Each of these wallets transferred 50 BTC to new addresses.
💤 A dormant address containing 50 #BTC (3,182,908 USD) has just been activated after 15.6 years!https://t.co/rVRMOiMAfP
— Whale Alert (@whale_alert) September 20, 2024
According to Lookonchain, the transactions involved wallets originally created as mining rewards in 2009, with no prior activity recorded until now. Remarkably, the newly activated wallets have not yet transferred their coins to any exchange.
The Impact of Dormant Wallet Activity on Bitcoin Prices
These recent transactions coincide with a notable recovery in Bitcoin’s value, surpassing $64,000 as the market reacts to the Federal Reserve’s interest rate reduction. In recent months, Bitcoin has encountered difficulties in maintaining higher values, even experiencing a significant dip below $50,000 on August 5, 2024.
Market Insights
The TD Sequential told you to buy #Bitcoin at $57,400, and now it is telling you to book some profits at $63,700! pic.twitter.com/0h1yNowkae
— Ali (@ali_charts) September 20, 2024
On September 20, 2024, Bitcoin reached a peak value of $64,140 on Coinbase but was trading around $63,513 at the time of reporting.