On March 1, a well-known colossal whale holding bitcoins from 2010 activated 2,000 dormant bitcoins across 40 transactions in a single block. Just four days afterward, on March 5, this entity once more made waves by transferring 1,000 bitcoins originating from the same year. For the third instance in March, this entity has returned, reallocating […]
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In recent times, bitcoin has consistently remained above the $60,000 mark throughout the entire month of March. With its value soaring, many long-standing holders have started to transfer substantial quantities of dormant bitcoins from wallets that have not seen activity for years. March has emerged as a pivotal month for transactions involving these vintage bitcoins. […]
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The digital asset market has seen a remarkable event as approximately $1.9 billion worth of Bitcoin – about 44,800 BTC – has surged back into circulation after a dormant period of over five years.
The transactions happened around 1:30 GMT, even before the US market opened. It is important to note the historical context of such a surge. The last significant revival occurred in Feb. 2022, when roughly 95,000 BTC returned to circulation. Coincidentally, 2022 wasn’t a prosperous year for Bitcoin; the value plummeted from $46,000 to a mere $15,500.
The revival of previously dormant coins may trigger shifts in the digital asset market, given their sizeable value. However, it remains to be seen how this reintroduction of dormant Bitcoin will impact the dynamics of the digital asset ecosystem.
As highlighted by Arkham Intelligence, it appears this may be the consolidation of Bitcoin from 49 separate addresses into 5 new wallets.
The post Nearly $2 billion in dormant Bitcoin moves after five years appeared first on CryptoSlate.
As of November’s end, the number of Bitcoins that have remained inactive for a decade or more has exceeded the 3 million mark. To put this into perspective, given that the circulating supply totals 19.5 million coins, this long-term holding represents about 15% of that supply.
This suggests an increasing propensity for long-term investment and a growing confidence in Bitcoin’s prospects, a significant shift from the quick-profit trading mindset commonly associated with digital assets.
Furthermore, a noteworthy divergence is intensifying between the balance of Bitcoin on exchanges, approximately 2 million, and the aforementioned inactive supply. With a difference now standing at 1 million coins, this expanding gap could potentially signal reduced liquidity in the market but also points towards a mounting faith in Bitcoin’s long-term stability and value.
The post Over 3 million Bitcoins dormant for a decade signal long-term investor confidence appeared first on CryptoSlate.
The Bitcoin ecosystem has recently witnessed a noteworthy trend as a substantial quantity of coins, dormant for years, have sprung back into circulation. Data from Glassnode reveals a significant increase in the transfer volume of previously dormant coins for periods of over 1, 2, 3, and 5 years. Approximately 26,000 Bitcoins that were inactive for more than a year have registered movement, marking the second-highest revival this year.
In the 2+ years cohort, a yearly high of around 25,000 Bitcoins returned to circulation. The 3+ and 5+ year cohorts weren’t left behind, revealing an elevated revival of approximately 4,500 and 2,600 Bitcoins, respectively. This emergence coincided with the year-to-date high price of Bitcoin, indicating a correlation between price peaks and the resurrection of dormant coins.
The post Dormant Bitcoin re-enters circulation as sleeping giants stir appeared first on CryptoSlate.
The Ethereum ecosystem has continued to see fascinating developments in the past weeks. Among the most notable is the sudden movement from a participant in Ethereum’s initial coin offering (ICO), who, after a roughly eight-year slumber, has sprung into action due to a reason.
The Ethereum ICO participant, whose address remained inactive for 2,922 days, stirred up by transferring 641 ether, an amount currently valued at nearly $1.2 million.
The intent behind these transactions was revealed through on-chain analytics X (Twitter) account Lookonchain, noting that the Ethereum ICO participant had moved the funds to stake them. This reason has raised speculation among the crypto community as some suggest that the whale behind this move might know something they don’t.
Related Reading: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,900
An Ethereum ICO participant woke up after 8 years of dormancy, transferred 641 $ETH out, and started staking.
He received 2K $ETH($3.7M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31. pic.twitter.com/ZO09r9uFMd
— Lookonchain (@lookonchain) July 31, 2023
Just over eight years ago, the same address received exactly 2,000 ETH from Ethereum’s Genesis. This amount of ETH at the time was worth $620 as the Ethereum network arranged an exceptional sale event then that made ETH sell for $0.31 per ETH.
This event was before the network commenced its own token generation, providing a platform for early participants and co-founders to accrue pre-mined ETH. However, fast forward to nearly a decade later today, this same amount of 2,000 ETH is currently valued at over $3.72 million, showcasing the meteoric rise in the value of ETH since its inception.
Notably, the awakening of this long-dormant Ethereum participant is not an isolated incident. It falls into a recent trend, observed over the summer, where several early ICO participants have begun transferring their ETH holdings.
This pattern of dormant Ethereum ICO participants springing into action isn’t new. Two weeks prior to the latest transaction, a pre-mined stash of Ethereum, which had been lying dormant for nearly eight years, was abruptly moved. At current rates, this stash is estimated to be worth more than $100 million.
This particular ‘whale’ move grabbed the attention of the crypto community, stirring speculation and interest in equal measure. Interestingly, the motives behind this transfer remain largely unknown, adding an element of mystery to the whale movement.
Regardless of these ICO participants’ movement on the blockchain, Ethereum has seen a continuous downtrend in the past few weeks. Particularly, the asset is currently down by 3.2% in the past 14 days. ETH has declined from a high of trading above $1,900 to a trading price of $1,866, at the time of writing.
Featured image from Unsplash, Chart from TradingView