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It was recently reported that a significant transaction involving a mega whale who transferred 1,000 BTC from 20 distinct 2010 wallets coincided with the digital currency's peak price of $69,210 per unit.
This move occurred as Bitcoin's price remained consistently above the $60,000 mark throughout March. Notably, at the beginning of the month, the same entity moved 2,000 BTC, originating from block rewards in 2010. Such transfers from 2010 are rare, making the 3,000 BTC moved by this whale the largest expenditure from that year in 2024.
Dormant Bitcoins Come Alive
The movement of 'sleeping Bitcoins' wasn't limited to the aforementioned whale. Additional transactions totaling 1,237.73 BTC have been observed from wallets dating between 2011 and 2017. These wallets, dormant since their inception, sprung to life as BTC maintained its position above $60,000. Specifically, 150.06 BTC from 2011 block rewards were activated in March, with two transactions occurring on March 6, 2024. Another transaction from 2011 coincided with the same day the mega whale moved 1,000 coins.
Btcparser.com data indicates no transactions from 2012 have been noted this month thus far. However, Bitcoins have been dormant since 2013, totaling 588.05 BTC, and have been mobilized. A mere 50 BTC from 2014 and 150 BTC from 2015 wallets emerged into the open this month, alongside a scant 12.66 BTC from 2016.
Diving Deeper Into the Bull Cycle
Additionally, 286.95 BTC from 2017 wallets were transacted for the first time since their inception. In this context, the term "spent" doesn't necessarily imply these coins were sold or traded on the market.
According to Bitcoin News, it simply indicates that the original wallet has transacted these coins for the first time since creation, with the assets now residing in entirely different wallets.
A Crypto Slate report states that the week's pronounced price fluctuations sparked considerable trading activity, enticing both established and novice market participants. The notable increase in trading volume, trade count, and trade sizes indicates that traders were actively involved in the market, responding to Bitcoin's sudden surge with larger trades. This dynamic underscores the pivotal role of centralized exchanges in facilitating liquidity and establishing price discovery, particularly during periods of significant market volatility.
The motivation behind these movements could vary, with some original holders possibly liquidating assets to capture gains, while others might be consolidating holdings or migrating to more secure or modern wallets. Nonetheless, the activity of these long-dormant Bitcoins sparks curiosity within the community about the timing of these decisions. With a total of 4,237.73 BTC moving, March is shaping up to be a notably distinct month for the revival of so-called 'sleeping Bitcoins.'
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