Recent data reveals that two Bitcoin wallets inactive for over 14 years have moved over 10,000 BTC worth $1.09 billion. These developments have caught the attention of market analysts and traders in the cryptocurrency space.
Wallet History
A Bitcoin wallet that had been inactive for more than 14 years transferred 10,000 BTC earlier this Friday, equating to $1.09 billion. This wallet received its coins back in April 2011 when Bitcoin was priced at just $0.78.
Current BTC Market Trends
According to a Bloomberg report, ancient Bitcoin whales have been offloading their holdings, selling more than $50 billion in BTC over the past year. Some of these whales have been swapping their coins for equity exposure. The analysis indicates that these could include miners, hedge funds, and financial firms registered in tax-friendly jurisdictions.
Market Impact
Despite significant inflows of BTC, the Bitcoin market is struggling to rally. The activity from dormant wallets and the significant release of BTC explain the current state, with the market price standing at $109,027 according to CoinGecko.
The movements of Bitcoin from long-dormant wallets highlight the volatility and unpredictability of the cryptocurrency market. These events may influence overall price dynamics and trader behavior.
