A Bitcoin BTC/USD whale recently moved 500 BTC that had been dormant for five to seven years. This comes at a time when the overall crypto market is bearish, and the apex cryptocurrency is struggling to reach the $20,000 mark.
What Happened: The bitcoins, which were moved to an unidentified wallet, were bought between 2015 and 2017, CryptoQuant author and market watcher, Maartun, revealed. The total worth of bitcoins is $9.6 million.
The analyst used “Spent Output Age Bands” (SOAB) to analyze information about the destination of these coins. Coin aging bands are used to measure the amount of time a coin has been still for in a particular address. The chart shared by the analyst does not show a heavy spike, which as per analysts, means those coins didn't go into an exchange directly.
See More: IS IT TOO LATE TO BUY BITCOIN?
Why It Matters: This is not the first instance of BTC being moved from dormant accounts. On Oct. 15, Maartun tweeted about a dormant Bitcoin address that made a 5,000 BTC transaction — and the next day (Oct.16) another 5.000 BTC was transferred to the block.
The Bitcoins are of the same age range — seven years to 10 years — making it an identical transaction. However, it's hard to say if it was the same whale, who made the transaction.
“This makes it no incident, but truly an experienced market participant who wants to get out,” Maartun added.
Price Action: Bitcoin BTC/USD traded higher, above the $19,000 mark on Monday. The second-most valued cryptocurrency, Ethereum ETH/USD, also traded higher, above the key $1,300 level.
Read Next: Ethereum Surpasses This Major Level; Here Are The Top Crypto Movers For Monday
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
