Bitcoin dormant for 10 years, sudden massive movement...Why now after quietly accumulating?

▲ Bitcoin (BTC)

Bitcoin whales, dormant for over 10 years, traded hundreds of Bitcoins (Bitcoin, BTC) at the time of a price surge, instantly raising market tension.

Cryptocurrency specialized media Bitcoin.com reported on May 4 (local time) that wallets that had been inactive for a long time on the Bitcoin network generated a total of 62 transactions over three days starting from May 1. The volume moved during this period was approximately 793 BTC, valued at about $62.5 million.

The focus of this movement was wallets created in the second half of 2016. Of the total 62 output values, 56 originated from these wallets, with approximately 600 BTC moved. Activity surged particularly on May 3, when Bitcoin surpassed $79,000, with 50 transactions concentrated on that day alone.

Market attention turned to early wallets created in 2011. On May 1, a total of 130.02 BTC moved from two wallets: a 110 BTC wallet created on June 13, 2011, and a 20.02 BTC wallet created on July 6 of the same year. This volume accounts for approximately 16% of the total movement.

Alongside these, wallets created between 2012 and 2014 also showed movement. 11.36 BTC acquired in 2012 was transferred on May 1, and 11.77 BTC moved from a 2013 wallet on May 3. From two wallets created in 2014, 10.07 BTC and 30.41 BTC were transferred respectively, totaling 40.48 BTC moved.

The 2016 wallets showed a trend of abandoning their old address system and converting to the latest P2WPKH-based addresses during the asset transfer process. The 2011 wallets also transferred assets in the same manner. The fact that wallets that had been inactive for years suddenly resumed activity during a price surge and even reorganized their address structure acts as a variable that could affect market supply flows.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*