420 Bitcoin tokens were just moved amid the struggling markets after being dormant for ten years.
A whale has moved up to 420 previously dormant Bitcoin (BTC) tokens valued at $7.1 million against prevalent rates. Bitcoins have been unmoved since 2012 when BTC traded below the $15 price point. After HODLing through several price tops and bottoms for ten years, the wallet involved has finally reawakened the assets.
A few hours ago, verified CryptoQuant author and founder of Diveonchain, Maartunn, first highlighted the development. “10-year-old 400 $BTC moved today. Last time they moved in 2012,” Maartunn disclosed in a tweet Thursday, sharing a chart of the CryptoQuant Bitcoin Spent Output Age Bands to corroborate his report.
— Maartunn (@JA_Maartun) December 1, 2022
A close look at the Bitcoin Spent Output Age Bands chart reveals that the network witnessed a movement of about 420.40 BTC on December 1 after ten years. The reason behind this enigmatic movement remains largely unknown, but more often than not, ancient HODLers reawaken their tokens after such a long time when it’s time to sell them off. Consequently, this has precipitated selloff concerns.
Previous BTC Movements
In addition to the recently-reawakened BTC tokens, there has been a wave of movements for decade-old BTC tokens of late, with about 5K+ BTC moved between November 1 and 30 after being dormant for over ten years. The BTC community has begun the month of December with another massive reawakening.
The largest whale movement involving 10-year-old BTC occurred on November 11 following the BTC crash from $18K to sub-17k. The transaction saw the movement of 3,741 BTC tokens valued at $63.5M+ at the time. The assets were moved a few days into the FTX saga and at a time when several market watchers were already calling the bottom. Recall that FTX filed for bankruptcy on November 11.
Recall that 10,000 Mt. Gox Bitcoin (BTC) was moved on Nov 24th after seven years.
Meanwhile, BTC is still struggling to pick up the previous month’s losses, which appears to have been the coldest in this cycle. Following a drop from the lofty position of $20K+ on November 8, the asset has been struggling to reclaim the $18K price point amid the FTX saga. BTC currently trades at $16,938, up 3.33% in the past 24 hours.