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HomeCrypto NewsMarket1,100 Dormant Bitcoin (BTC) Moved After 8 Years

1,100 Dormant Bitcoin (BTC) Moved After 8 Years

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A huge amount of Bitcoin (BTC) has been moved after eight years of lying dormant in a wallet. 


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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. 

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. 

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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.  

 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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