This is the first activity for the long inactive Bitcoin wallet which dates back to 2010 and has just transferred 2,000 BTC, approximately $180 million, to Coinbase.
This begs the question: blockchain or wallet? The wallet, which is part of the “Satoshi era wallets,” is connected to a miner who had gotten the coins at the time Bitcoin cost less than 10 cents.
Dormant Bitcoin Wallets Signal Trends Amid $100K Predictions
The move also highlights the meteoric boom of Bitcoin value since its inception which now stands at around $90,000 per BTC. The holder’s commitment over the years is highlighted by on chain data by Lookonchain.
In recent months there has been a rise in Bitcoin wallet movement. Last month, a 2009 250 BTC wallet moved, and it was a 15 year old one. In August, a 2014-era wallet moved 174 BTC, worth over $10 million, as ET reveals. In May 2024 when 1,000 BTC worth $60 million were sent from a wallet that last moved 11 years ago.
These are often signs of a coming sell off, but reactions in the market haven’t been strong. The analysts attribute this to a positive outlook on Bitcoin, predicting $100 000. That includes more institutional interest, Bitcoin reserves potentially available to the U.S., and broader global trend of cryptocurrency adoption.
All of these dormant (and some of these uh moist, uh, coins like these guys with these coins that like uh are uh what tracks are here they’re just lost you know locked up forever and something unpredictable and that’s all part of Bitcoin’s life cycle and yeah yeah so these wallets that sleep and these coins and uh um you know just this evolution and you can’t… Although short term price impacts, spot ETFs and the like, will cause short term price impacts, long term growth is continually supported by developments such as corporate investments, like MicroStrategy’s $42 billion #BTC strategy.
