10-Year-Old Bitcoin Wallet Suddenly Transfers $43.89M—What’s Behind This Move?

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A long-dormant Bitcoin wallet from the era of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has been reactivated after more than 10 years, sparking intrigue and speculation behind the shift in the cryptocurrency community. 

Old Whale Move $43.89 In Bitcoin

According to Whale Alert, a blockchain tracker and analytic platform, an inactive Bitcoin whale recently made significant transactions, moving 687.33 BTC to two undisclosed wallets on Monday. 

A dormant address containing 687 #BTC (43,893,168 USD) has just been activated after 10.3 years!https://t.co/l31uAyadYZ

— Whale Alert (@whale_alert) May 6, 2024

The total value of these transactions amounted to a staggering $43.89 million. One transaction involved the transfer of 625.42 BTC, valued at $41 million, while the other moved 61.9 BTC, equivalent to approximately $2.89 million at the time.

This whale had remained inactive for 10.3 years after initially receiving the Bitcoin windfall on January 12, 2014, when the cryptocurrency was priced at $917 per coin. The value of the whale’s reserve at that time was a mere $630,000, highlighting an incredible profit of 6,875%.

Potential Concerns

The sudden activation of this dormant wallet has raised concerns about a potential selloff. It is speculated that the whale may have chosen to liquidate a significant portion of their Bitcoin holdings amidst the recent price rebound in the cryptocurrency market.

Satoshi-Era Wallets Reactivate

This wallet’s awakening dates back to the period of Satoshi Nakamoto, who resurfaced in March 2014 to dispel rumors linking him to Dorian S. Nakamoto, a Japanese-American.

Despite this, experts believe the wallet’s reactivation is unrelated to recent price movements. Even though the Chainalysis data shows no direct correlation between Bitcoin’s price performance and the activation of old wallets.

Bitcoin Price Analysis

Meanwhile, Bitcoin has surged to new heights, surpassing the $65,000 mark. The cryptocurrency is currently trading comfortably above its 50-day and 100-day Exponential Moving Averages (EMAs) at 63,927 and 60,191, indicating bullish short and long-term trends.

As of now, the Bitcoin price stands at $65,296.60, boasting a massive market cap of $1.28 trillion. However, the 24-hour trading volume for Bitcoin has experienced a slight decline of 7.49% to $18.27 billion.