A Bitcoin miner moved 50 Bitcoins, equivalent to $3.3 million, that had not been touched for almost 14 years, prior to the halving event. This transfer has sparked speculation in the cryptocurrency community.
Analysts at Lookonchain observed the transaction, noticing that the Bitcoins were mined back in April 2010 when the reward per block was 50 BTC. This contrasts greatly with the current reward of over 6 BTC, which will decrease further soon.
Out of the total amount, 17 BTC, valued around $1.1 million, were sent to a wallet with frequent outflows, potentially linked to an exchange. Then, the Bitcoin was mixed with funds from other wallets marked as Coinbase on the Arkham blockchain intelligence platform before moving to another address, suggesting a deposit to an exchange.
The rest, 33 BTC, worth about $2.2 million, were sent to a new wallet with no prior activity. It's possible that these Bitcoins still belong to the miner but were merely shifted to a new address within the same wallet structure.
This transfer highlights the Bitcoin blockchain's protocol, requiring the movement of all funds within a wallet during each transaction, often necessitating the creation of new addresses.
This recent transfer aligns with the historical pattern of Bitcoin movements seen in the cryptocurrency realm. For instance, on March 23, the fifth wealthiest Bitcoin address at that time moved $6 billion worth of Bitcoins to three new addresses.
Additionally, a dormant Bitcoin wallet for almost 12 years saw its entire balance of 500 BTC transferred to a new address, valued at nearly $35 million back then.
*This information does not constitute investment advice.
