500 Dormant BTC Tokens Moved After 5 to 7 years.
A large amount of Bitcoin (BTC) tokens – about 500 – are set on the move after 5 to 7 years of dormancy.
Amidst the tenacious bear market, Bitcoin’s price action (BTC) has not particularly pumped elation into the cryptocurrency scene. Despite these unpropitious conditions, most long-term holders remain positive, as the market has seen few asset movements. Notwithstanding, not all holders are willing to leave their assets dormant for much longer, as recently indicated.
About 500 BTC aged between 5 and 7 years have been recently moved after years of dormancy. The tokens, which were moved to an unidentified wallet as of press time, were cupped between 2015 and 2017, CryptoQuant author and market watcher, Maartun revealed.
“500 BTC with the age between 5y ~ 7y has moved in the last block. These coins are bought between October 2015 & October 2017, making them OG coins,” Maartun Verified Author of Crypto Quant disclosed in a tweet Friday. The accomplished analyst further shared a chart to support his claim.
🚨 500 $BTC with the age between 5y ~ 7y has moved in last block.
These coins are bought between October 2015 & October 2017, making them OG coins😉
— Maartunn (@JA_Maartun) October 14, 2022
As seen on a close-up version of the CryptoQuant Bitcoin: Spent Output Age Bands, about 500 BTC tokens purchased between 2015 and 2017 were recently moved after remaining inactive since their purchase.
This marked the largest single movement for BTC assets aged 5 to 7 years in almost a month, following the awakening of over 2,000 BTC tokens on September 19.
Usually, investors move their dormant tokens when they intend to sell them off. Consequently, large whale movements in the market have historically contributed to waves of FUD within the crypto community.
Despite being in a bear market, should the holders of the assets enforce sell-off plans, their trades would still be in profit, considering the current value of BTC at the time of reporting.
The assets were amassed between October 2015 and October 2017, indicating that the highest value for which the assets were procured would be around $5,800 – Bitcoin’s highest value between October 2015 and October 2017.
It remains unsurprising that this whale movement coincides with a recently-engineered BTC relief rally. Despite the recent worrisome CPI data report, BTC and the rest of the crypto markets have staged an unexpected relief rally that has seen the firstborn crypto gain by over 7% in the past day.
Bitcoin comfortably trades above the support at $19k, as it changes hands at $19,700 as of press time. The asset has gained by 7.10% in the past 24 hours, carrying the rest of the crypto markets on its back, as most mainstream assets see massive gains.
Bitcoin’s recent relief rally follows a troubling dip that came alongside the U.S. CPI report on Thursday. The 7% rise in 24 hours must have prompted the recent whale movement. Despite this data, the markets remain unfazed as of press time.
Last month, Glass node noted that the BTC supply that has remained dormant over the last year hit an all-time high of 12.5M BTC tokens. The data indicated that about 66% of Bitcoin’s circulating supply had been unmoved for over a year, notwithstanding the terrible market conditions.
Yesterday Plan B commented that nearly 50% Of all Bitcoin holders were in Loss; for him, it is a proven Indicator Of BTC bottom Since 2011.
As reported by The Crypto Basic, 15000 dormant BTC were moved in the first ten days of September.