Awake after a decade: Bitcoins held by dormant "whales" worth $325 million transferred before the Fed rate decision.
Ain't Nobody Sleeping on These Bitcoin Wallets Anymore!
Yo, Check This Out: Those old-school Bitcoin wallets from the good ol' "Satoshi era" have sprung back to life, shaking off dust after a long decade of silence. Guess what? They moved a staggering $325 million in Bitcoin, just before the U.S. Federal Reserve was about to make a big interest rate announcement.
According to the analytics platform Spot On Chain, one wallet, that's been hibernating for 10.5 years, shifted 2,343 BTC, worth roughly $222.2 million. Back in July 2013 when this wallet first saw some action, it held around 2,187 BTC, which it bought for a mere $185,850, that's about $85 a coin!
The other wallet, taking an 11-year nap, moved 1,079 BTC, worth around $102.5 million. Like its buddy, it also filled its Bitcoin bag back in mid-2013, spending just $91,713 on its stash.
Now, Why's This Happening? Don't be all up in their business, but it could be a variety of reasons – from recovering lost private keys, changes in ownership, or long-term holders deciding to sell their stash after years of holding on tight.
On a Side Note:- Recovered Private Keys: Hey, you never know, people might've found their old keys and decided to cash in.- Changes in Ownership: Just like stocks, people transfer Bitcoin to new wallets for all sorts of reasons, including estate planning or reorganizing their asset portfolios.- Prepping for Volatility: With the Fed's big decision around the corner, some folks might be moving their assets to adapt to potential market changes.
This Is Why It Matters:
These big whale transactions, right before the Fed's announcement, suggest they could be getting ready for some market turbulence. Bitcoin has been chillin' between $94,000 and $95,000, but with whales moving around like this, who knows what'll happen next?
Guess What's Also Happening? According to Glassnode, about 88% of Bitcoin's circulating supply is currently in profit, with most of the losses coming from those who bought between $95,000 and $100,000. Noticing a trend? Meanwhile, the Bitcoin MVRV Ratio has moved back to its average, signaling consolidation and reset periods, while the Realized Profit/Loss ratio has surged above 1.0, implying more holders might start cashing out, which could add a bit of downward pressure on the price.
So, Bitcoin's going for $94,175 per coin at the moment. Keep an eye on things, folks, the crypto game is always changing!
Disclaimer: This article ain't financial advice. It's all about learning. Happy surfing!
- The recent movement of large amounts of Bitcoin from dormant wallets dating back to the "Satoshi era" has stirred excitement in the cryptocurrency world.
- In the past week, two wallets that had been inactive for over a decade transferred a combined total of 3,422 BTC, worth approximately $325 million.
- One wallet, which last transacted in July 2013, held just $185,850 worth of Bitcoin at the time, equating to around 85 coins each.
- The second wallet, also dormant since July 2013, held $91,713 in Bitcoin, equivalent to 100 coins.
- Speculation surrounding the reasons for these transfers range from the recovery of lost private keys, changes in ownership, to holders deciding to sell their stash after years of holding on.
- The sudden activity of these whale transfers, just before the U.S. Federal Reserve's interest rate announcement, may indicate preparation for market volatility.
- Additionally, data from Glassnode shows that about 88% of Bitcoin's circulating supply is currently in profit, while the Realized Profit/Loss ratio has surged above 1.0, suggesting potential selling pressure and a possible bearish trend in the crypto market.
