A Bitcoin wallet that lay untouched for a staggering 14 years has sprung to life, transferring 50 BTC (worth approximately $3.28 million) to the Coinbase exchange.
On-chain data reveals that the wallet dates back to April 2010, belonging to an early Bitcoin miner who earned the BTC as a mining reward.
Bitcoin Holders Have Been Selling-Off
The movement of such ‘ancient’ Bitcoin always generates buzz within the crypto community. Large transactions by these early adopters, often known as crypto whales, can potentially impact market sentiment. This is because investors may interpret their buying and selling patterns as indicators of future price trends.
However, the recent revival of this long-dormant wallet coincides with a broader pattern observed in 2024. Data from CryptoQuant indicates that long-term Bitcoin holders have been gradually selling off their holdings throughout the year. This trend was underscored by a substantial sell-off on April 5, 2024, when Bitcoin traded around $67,800.
Historically, major whale sell-offs have been viewed as bearish signals, possibly suggesting holders are taking profits. Conversely, some movements serve the simple purpose of shifting assets to different wallets before further distribution.
Crypto analyst Kashif Raza notes that despite the Bitcoin price recovering, major investors, those owning at least 0.1% of Bitcoin, have been relatively inactive in purchasing more. He highlights that these large holders added only 3,000 BTC today, much smaller than the 80,000 BTC bought after a price drop in March.
“Big holders’ inactivity hints prices might drop more,” Raza wrote.
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