A Bitcoin wallet that had remained inactive for 14 years suddenly sprung to life. Its owner transferred 50 bitcoins (approximately $3.28 million) to the Coinbase exchange.
On-chain data shows this wallet first appeared in April 2010 and belonged to one of Bitcoin’s early miners.
BeInCrypto editorial discussed what one needs to know about the Bitcoin halving in 2024 to profit.
Sales of ‘ancient’ bitcoins
Movements of such ‘ancient’ bitcoins always pique interest within the crypto community. Large transactions from early adopters can impact market sentiment, as investors tend to interpret their buys and sells as indicators of future price direction.
Tracking the trading activity of crypto whales in 3 simple steps is detailed in the BeInCrypto article.
However, the awakening of this long-dormant wallet aligns with an overall trend observed in 2024. CryptoQuant data shows that long-term Bitcoin holders have been gradually selling assets since the beginning of the year. The most recent significant sell-off was recorded on April 5, 2024, when Bitcoin was trading around $67,800.
Historically, large whale sell-offs have been viewed as bearish signals, potentially indicating that long-term holders are cashing out profits. On the other hand, some movements serve a straightforward purpose—to shift assets across wallets before further distribution.
The intentions behind the owner of this 14-year-old wallet remain a mystery. Possible motives include selling bitcoins, diversifying investments, or simply consolidating assets. Regardless of the reason, the transfer underscores Bitcoin’s long-term investment characteristics, enriching those involved in its creation and early promotion.
Whales are not rushing to buy BTC
Despite increased activity among whales in April, crypto analyst Kashif Raza notes that large investors, holding at least 0.1% of Bitcoin, are still reluctant to purchase new coins. He highlights that whales have only added 3,000 BTC to their wallets today, a far cry from the 80,000 BTC bought after the price drop in March.