A dormant Bitcoin wallet has moved 365 BTC after a decade, valued at $29 million. Similar recent activations of inactive wallets have occurred, stirring speculation about potential reasons. Despite institutional investments, Bitcoin’s market performance remains under pressure, with a significant decline from its peak. Currently, Bitcoin trades at $84,896, 0.51% higher in the last 24 hours, amidst continued volatility.
A Bitcoin wallet that sat idle for a decade has recently activated, moving 365 BTC, equivalent to approximately $29 million. This wallet originally acquired the Bitcoin when the price was merely $284 per coin, indicating an initial investment of about $103,000. This resurgence has triggered significant discussion within the crypto community.
This occurrence is part of a larger trend; another wallet from August 2011, when Bitcoin was valued at $13, transferred 100 BTC worth over $7.7 million after nearly 14 years. Additionally, a different holder moved 3,000 BTC, bought in 2017, resulting in a growth from $12.29 million to over $260 million, marking a spectacular 2,115% increase since its last transaction.
Earlier in January, another wallet awakened, transferring 500 BTC valued at $46.87 million to Coinbase Prime, initially received six years ago when the price was around $7,000. The reasons behind this sudden activity remain uncertain, yet analysts propose motives such as internal fund reallocation and concerns around private key security.
Noteworthy is the coinciding timing with Bitcoin’s struggles in the market, where profit-taking actions could be a factor. CryptoQuant reported on April 3 that 1,057 BTC, aged between 7 to 10 years, have recently been moved, indicating potential selling from long-term holders.
With market anxiety heightened by geopolitical situations and U.S. trade policy concerns, Analyst Maartunn noted the Spent Output Age Bands indicator surpassed the 50 threshold, signalling long-term holders may be liquidating their assets. Despite significant institutional purchases, Bitcoin remains under pressure, having dropped over 28% from its all-time high due to large-scale sell-offs by veteran holders and ETF outflows approaching $4.8 billion.
At the time of writing, Bitcoin was priced at $84,896, showing a slight increase of 0.51% over the past 24 hours, amidst ongoing market volatility and an emerging support level around $80,000.
