Bitcoin is taking a pause, currently resting 17.2% below its peak of just over $126,000 reached ten days ago. The broader cryptocurrency market isn’t exactly thriving either. Interestingly, while traders are dealing with their losses, some long-dormant bitcoin reserves have decided to make a move, collectively transferring approximately $63 million at today’s valuation.
The Market’s Downturn and the Awakening of Old Bitcoin Wallets
Despite significant selling pressure in the market, part of it may be attributed to older wallets finally becoming active again. According to data from btcparser.com, a total of 610.287 BTC from addresses created between 2013 and 2017 have been reactivated — marking their first movement since being initially stored.
Around 110.17 BTC were transferred out from two previously inactive wallets — one established on November 30th, 2013 and another on March 18th, 2017 — marking their first activity in years.
Regarding the substantial transfer involving 100 bitcoins: about 85.175 BTC ended up in a change address while approximately $1.69 million worth (15 BTC) was sent to Coinbase. The batch of ten bitcoins from back in 2013? It appears they also made their way over to Coinbase as well.
This past Thursday saw an additional transfer when a wallet originating on June 2, 2016 moved its contents totaling &nbs;p18..82 &nbs;pBTC into an unfamiliar address now holding &nbs;p19..0775103 &nsp;amp;nsp;amp;amp;amp;amp;amp;bsp;;BTC&npsm;; This transaction wasn’t direct – instead splitting into two parts before reaching its destination.
Meanwhile,&nbapmpat block height&nbapmp919358 another major wallet dating back November12th,&nbamplstirred transferring100BTC.</
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The owner directed five coins towards one account currently containing eleven bitcoins while looping back nearly95coins intoachangeaddressShortlyafterwardsanotherlargeholderfromtwenty-sixteenmadeheadlinesmovinganimpressive36369bitcoinsatblockheight919367Roughly2767629802valuedover28millionwentonewalletwhile3360136929approximately35millionwasredirectedintoachangeaddressAtblockheight919401alonginactivewalletfromJune12017finallycamealivewith176bitcoinstotalingaround18millionsent033toanunknownaccountand17269reachingachangeaddressInthepastfortyeighthoursroughly6366millionworthofdormantbitcoinshavebecomeactiveforfirsttimeyearsWhythisactivitynowremainsspeculativebutCoinbasetransferssuggestsomeownersmightbecashinginFAQ⏰WhydooldbitcoinwalletsmovenowNooneknowsforsurebuttransferstoCoinbasesuggestsomeholdersmaybesellingintothedownturnHowmuchdormantbitcoinrecentlymovedApproximately6366millionworthoflonginactiveBTChasawakenedoverthepastfortyeighthoursWhenwerethesewalletsoriginallycreatedThereactivatedwalletsdatebackto20throughDoesactivityimpactbitcoin’spriceLargedormantmovementsaddshorttermsellpressureespeciallyduringmarketdip