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A bitcoin wallet containing approximately 749 bitcoins, equivalent to approximately $53.2 million, has been reactivated after nearly 12 years of inactivity.
This sudden movement in funds was discovered in the early hours of Tuesday, as blockchain tracking platforms such as Memball and Whale alert It recorded a transfer of approximately 159.2 BTC, worth $11.3 million, from this long-dormant wallet.
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The last known transaction from this address was in November 2012, when the price of Bitcoin was around $10, leaving the wallet balance below $9,000.
💤 💤 💤 💤 💤 💤 Idle address contains 749 #Bitcoin ($53,227,433 USD) Just activated after 12.0 years ($7,974 USD in 2012 value)!https://t.co/5SzBYeKlk1
– Whale Alert (@whale_alert) October 29, 2024
Details of millions transferred
Data from the on-chain monitoring platform Mempool shows that the last transaction was made at 7:28 AM UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, were sent to a sender address, which was classified as “changed” by blockchain analytics firm Blockchair.
The remaining 35 bitcoins, or $2.4 million, were transferred to an unknown address. Details surrounding the wallet owner and their intentions remain undetermined, leaving the cryptocurrency community speculating on the motive behind the transaction and the identity of the long-term Bitcoin holder.
However, the timing of awakening this sleeping wallet is quite noteworthy. This comes at a time when Bitcoin has seen steady price increases in recent weeks. In particular, the asset finally broke through the $70,000 resistance level with a current trading price of $72,638, up 5.3% in the past day.
It is worth noting that movements from long-inactive wallets have historically generated intrigue, with crypto enthusiasts theorizing that these may be the actions of early adopters, lost-and-found wallets, or entities choosing strategic timing to engage with the market.
Although the reason behind a wallet transferring its Bitcoin is not certain, the reactivation of wallets like this especially as the price of Bitcoin continues to rise may indicate shifts in owners’ strategies, driven by favorable market conditions or other personal financial goals.
Bitcoin Onchain Performance
Aside from the wallet awakening, Bitcoin has seen an interesting and positive trend behind the scenes, especially regarding on-chain metrics. So far, analysts have highlighted several Bitcoin metrics that now show positive momentum for the asset, indicating further price increases.
For example, yesterday, a CryptoQuant analyst known as Darkfost revealed that Bitcoin hash bars may be flashing a buy signal. Darkfeast male:
Historically, buying Bitcoin during a Hash Ribbons signal has been consistent with strong long-term returns. We recently saw another signal that follows the main signal from last summer.
Another metric indicating an increase in Bitcoin prices that was highlighted by a CryptoQuant analyst named BinhDang is the Stable Coin Supply Ratio (SSRO) oscillator. According to BinhDang recently mailThis metric has reached levels not seen in 2022. This is a step that preceded the rise.
Notably, the stablecoin supply ratio oscillator provides insight into the demand in the Bitcoin market by analyzing the market capitalization of Bitcoin against the market capitalization of major stablecoins.
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The oscillator measures the extent to which stablecoins, typically used to buy Bitcoin, flow into Bitcoin and thus indicate buying interest. A lower value of the metric indicates that more stablecoins are being converted into Bitcoin, which indicates increased demand.
Featured image created with DALL-E, chart from TradingView
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