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HomeCrypto NewsMarket1,000 Dormant Bitcoin On The Move for First Time in 4 Years

1,000 Dormant Bitcoin On The Move for First Time in 4 Years

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The development has kept market watchers looking, especially considering Bitcoin’s delicate position.

A Bitcoin (BTC) whale moved 1,000 tokens that had been dormant since their purchase four years ago. This movement of assets coincides with a period of significant growth in their value, having appreciated by an impressive 575% over the last few years.

The 1,000 BTC tokens were purchased on Feb. 23, 2019, when Bitcoin was trading at $3,468 apiece, according to CryptoQuant verified author JA Maartun today.

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This suggests that the whale address purchased all 1,000 tokens at a total price of $3.4 million back in 2019. After four years of dormancy, these tokens were moved today as Bitcoin traded for $23,447. This marks a 575% increase in the total holdings, leading to an adjusted cumulative value of $23.4 million.

Assuming that the whale sold the recently transferred assets, they would have made a substantial profit of $19.9 million from this trade. However, as JA Maartun pointed out, there is limited evidence to suggest this was a selloff, as the assets may have been transferred to a different address owned by the same entity.

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Nonetheless, the recent development has kept market watchers on the lookout, especially considering Bitcoin’s delicate position. The asset recently dipped below $23K for the first time in over ten days. Though it has recaptured the prized territory, analysts believe its current position is delicate. More selloffs at this point could exert pressure on its price action.

Bitcoin’s recent dip below $23K has been ascribed to the appreciation of the dollar index, which has impacted most risk assets. Seasoned analyst DonAlt noted that the dollar might rise slightly from its current position, but it is inching closer to a resistance that should be bullish for the markets. BTC is trading for $23,386, up 0.97% in the past 24 hours.

 

Despite reports suggesting that ancient coins have been on the move of late, the CryptoQuant Binary CDD metric still sits in favorable territories, indicating a low long-term holders’ movement at the reporting time. Earlier last month, 4,000 BTC tokens aged between 2 and 3 years were moved when BTC traded below $17K.

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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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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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