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A bitcoin wallet containing around 749 btc, equivalent to approximately $53.2 million, has been reactivated after almost 12 years of inactivity.
This sudden movement of funds was detected in the early hours of Tuesday, when blockchain tracking platforms such as memory group and x.com/whale_alert/status/1851164511580856645″ target=”_blank” rel=”nofollow”>Whale alert recorded a transfer of approximately 159.2 btc, valued at $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, making the wallet balance worth less than $9,000.
<blockquote class="twitter-tweet”>
An inactive address containing 749 twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#btc
– Whale Alert (@whale_alert) twitter.com/whale_alert/status/1851164511580856645?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>October 29, 2024
Details of the millions transferred
Data from on-chain monitoring platform Mempool shows that the recent transaction occurred at 7:28 am UTC. Of the 159.2 btc transferred, around 124.2 btc, or $8.8 million, was sent back to the sender address, labeled “change” by blockchain analytics firm Blockchair.
The remaining 35 btc, or $2.4 million, was transferred to an unknown address. Details surrounding the wallet's owner and their intentions remain unidentified, leaving the crypto community to speculate about the motive behind the transaction and the identity of the long-term bitcoin holder.
However, the moment this dormant wallet woke up is quite noteworthy. It comes at a time when bitcoin has seen steady price increases in recent weeks. Notably, the asset finally broke through the $70,000 resistance with a current trading price of $72,638, up 5.3% over the past day.
In particular, movements of long-dormant wallets have historically generated intrigue, with cryptocurrency enthusiasts theorizing that these could be actions of early adopters, lost and found wallets, or entities choosing a strategic moment to interact with the market.
Although the reason behind this btc wallet movement is not certain, reactivating wallets like this one, especially as bitcoin continues to rise in price, could indicate changes in the holders' strategies, driven by favorable market conditions or other financial objectives. personal.
bitcoin On-Chain Performance
Wallet awakening aside, bitcoin has been seeing a pretty interesting and positive trend behind the scenes, especially when it comes to on-chain metrics. So far, analysts have highlighted several btc metrics that are now showing positive momentum for the asset, suggesting further price increases.
For example, yesterday, a CryptoQuant analyst known as Darkfost revealed that bitcoin hash tapes had issued a buy signal. Darkfost btc-Hash-Ribbons-A-Buy-signal-again” target=”_blank” rel=”nofollow”>noted:
Historically, buying bitcoin during a Hash Ribbons signal has been aligned with strong long-term returns. Recently, we saw another signal after the main one from last summer.
Another metric that suggests a price increase for bitcoin highlighted by a CryptoQuant analyst named BinhDang is the Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in a recent mailThis metric has bottomed to levels not seen in 2022. A move that preceded a rally.
In particular, the Stablecoin Supply Ratio Oscillator provides insight into the market demand for bitcoin by analyzing the market capitalization of bitcoin against that of major stablecoins.
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The oscillator measures the extent to which stablecoins, commonly used for bitcoin purchases, flow into bitcoin and therefore indicate buying interest. A low value of the metric indicates that more stablecoins are being converted to bitcoin, suggesting growing demand.
Featured image created with DALL-E, TradingView chart
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