Cryptic Referee revived: two old Bitcoin-wallet with 20,000 BTC were suddenly activated after 14 years of “hibernation”
This event attracted attention not only because of a huge cost, but also caused speculations about its influence on the market.
Inactive $ 2 billion in bitcoins “woke up”
According to Lookonchain, one of the wallets was created on April third, when Bitcoin cost only $ 0.78. Then the owner bought 10,000 BTC for less than $ 7,805. This wallet remained inactive for more than ten years. However, early in the morning of July on July, the user deduced the entire BTC balance.
On the same day, Lookonchain analysts also discovered another wallet, which since 2011 stored 10,000 BTC and also translated.
Two wallets containing a total of 20,000 BTC (worth more than $ 2 billion), transferred all their bitcoins to new addresses. Such movements are rare for wallets from the “era of Satoshi” – the first years of the existence of Bitcoin, when Satoshi Nakamoto was active. These wallets used an outdated format, which is rare now.
Some users on the social network X (former Twitter) suggested that the early investors (OG HODLERS) finally decided to cash out their assets after more than a decade of retention. After all, the price of bitcoin increased hundreds of thousands of times from the moment of their first purchase.
Other theories appeared, including the assumption of the possible compromise of wallets, but there is no specific evidence. Owners could transfer bitcoins to new wallets to increase safety or prepare for future transactions.
Metric “Coin Days Destroyed” grows
Coin Days Destroyed (CDD) is a onchain-meter, showing the real activity of bitcoin. She takes into account how long the coins remained “motionless” until their waste. A high CDD indicates the movement of a large number of “old” coins with accumulated days.
According to Cryptoquant, CDD grew from 10 million to 17.5 million in the second quarter, and then decreased to 11 million in early July. If inactive bitcoin kits will become active and CDD will increase sharply, this can negatively affect the price.
Be in the know! Subscribe to Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
