A huge amount of Bitcoin (BTC) has been moved after eight years of lying dormant in a wallet.
Cryptocurrency analytics data provider CryptoQuant disclosed that the funds – 1,100 BTC ($25.12 million) – belong to a retired Bitcoin miner known by the name of Ghash.
A retired miner moved 1,100 BTC that was dormant for 8 years!
Who sent these coins to where and why?
? Wallet Investigation Report this week ?https://t.co/zjTTjMyShC pic.twitter.com/kpPO0kvoQS
— CryptoQuant.com (@cryptoquant_com) August 1, 2022
According to CryptoQuant, the funds have been dormant since 2014. Interestingly, the crypto data provider noticed that Ghash, who is no longer a miner on the Bitcoin network, decided to move the funds to an unknown wallet on July 20, 2022.
A development of this sort usually spreads panic among enthusiasts of the world’s largest cryptocurrency. Many would think that the owner of the funds may choose to dump his Bitcoin holding in the market, which may plunge the price of BTC.
However, CryptoQuant noted that the 1,100 Bitcoin were not sent to a cryptocurrency exchange as feared.
“We suspect that almost half of these coins could have gone to a custodian service because the receiving address type can be used by multiple digital signatures (P2SH),” CryptoQuant noted in a report.