Summary
TLDR: A Bitcoin wallet untouched for 14 years transferred $3.28 million to Coinbase. Long-term holders have been selling off BTC, potentially impacting market sentiment. The revival of the old wallet coincides with a trend of long-term holders selling off BTC. The reason behind the transfer remains unknown, but it highlights the enduring nature of Bitcoin and wealth accumulated by early participants. Crypto analyst suggests that inactivity among major investors hints at potential price drops.
Key Points
1. A Bitcoin wallet that lay untouched for a staggering 14 years has sprung to life, transferring 50 BTC (worth approximately $3.28 million) to the Coinbase exchange.
2. On-chain data reveals that the wallet dates back to April 2010, belonging to an early Bitcoin miner who earned the BTC as a mining reward.
3. The recent revival of this long-dormant wallet coincides with a broader pattern observed in 2024, where long-term Bitcoin holders have been gradually selling off their holdings throughout the year.