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Recently, an unknown person or entity consolidated 2,000 BTC mined in 2010 into one wallet.
The integration, noted by X developer mononautical, occurred on March 26 and involved 40 sets of mining rewards, each consisting of 50 BTC, being transferred to one wallet.
Bitcoin miners’ 14 years of holding pays off
Reflecting on the situation, Mononautical said, “Imagine holding it for 14 years while the value skyrocketed from a few hundred dollars to $140 million.” Remarkably, his reward at the time of mining had reached $600.
In response to this revelation, another X user, @Psifour, expressed concern about the possibility of key generation being compromised, suggesting either a known pool or a random source of rewards.
However, mononautical revealed that the miner remains unidentified, suggesting that the transfer may have been a strategic move rather than a security breach. “It is possible that keys were compromised, but this appears to have been sent directly to the OTC desk,” mononautical added, citing previous instances of similar sweeps of old mining wallets.
This news follows another big move in Bitcoin over the weekend. The fifth-richest Bitcoin address remained dormant since 2019, but it suddenly came back to life. In 2019, the address was funded with 94,500 BTC worth $6.05 billion, according to blockchain analysis firm Arcam. Bitcoin remained untouched until recently, when it was split up and transferred to a new address.
Bitcoin faces sell-side liquidity crisis
Adding to the discourse, CryptoQuant founder and CEO Ki Young Ju pointed out that this consolidation is indicative of the “sell-side liquidity crisis that is awakening old Bitcoin.” Ju also suggested that the trading pattern is indicative of over-the-counter (OTC) sales of the fund.
Meanwhile, CryptoQuant’s latest “Weekly Cryptocurrency Report” outlined the upcoming “sell-side liquidity crisis.” The report attributes the crisis primarily to a surge in Bitcoin demand, fueled by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S., and that this increased demand has significantly reduced the supply available for sale. It is said that it did.
According to the report, Bitcoin’s liquid inventory has reached an all-time low in terms of multi-month demand, with current supply only being enough to cover 12 months of demand growth.
Also, considering Bitcoin available only on US exchanges, if Bitcoin from non-US exchanges is excluded, supply can only meet demand for half the period, dropping to 6 months of demand. It was also emphasized that This exclusion is based on the assumption that the U.S. Spot Bitcoin ETF sources Bitcoin only from U.S. entities.
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