Bitcoins valued at $11.4 million, dormant for more than seven years, have been moved, sparking interest in the cryptocurrency community.
On August 12, 2023, an intriguing event rocked the cryptocurrency world: an amount of 391 BTC, valued at $11.4 million, woke up from its long hibernation. These “sleeping bitcoins” had been dormant for years, and their unexpected movement has generated a lot of speculation.
Dormant Bitcoins: A Closer Look
Dormant bitcoins are those that have been at one address for long periods of time. They may be down due to factors such as lost access, long-term cold storage, forgotten possessions, or strategic decisions.
On August 12, the movement of 195 BTC from 2016 and other groups of bitcoins from 2014 was detected. This remarkable event occurred through four separate transactions, all directed to the address “bc1qn…”
The decision to move dormant bitcoins can be complex and governed by unique circumstances, such as a significant increase in Bitcoin’s value, changing financial needs, wallet security concerns, or a desire for a more secure storage method.
Another Case in Point: Another BTC Whale Awakens after 10 Years of Slumber
It is worth recalling the awakening of another BTC whale last June. The report was published by the Zycrypto.com medium, in which they indicate that the whale in question had a total of 1,432.93 BTC, which were arranged in the respective direction. on April 8, 2013.
According to data reviewed by the block explorer Blockchain.com, the wallet in question did not show activity until yesterday shortly before midnight, at which time all the funds were stolen.
Following up on the data, the funds went to a new address, and the latter has not shown activity since the arrival of the assets in question.
Going even deeper into the information available through Blockchain.com, given that the BTC dates back to 2013 and was housed there in 2017 after the arrival of Bitcoin Cash, the address also had about 1,432.93 BCH valued at approximately USD $160,100. These funds were also transferred on June 7 before midnight, staying at a new address with no apparent activity.
Although it is not clear why this or other whales were reactivated, community analysts do not rule out the possibility that it is a hack to apparently abandoned accounts. This thesis could well apply to this case since the address was emptied in its entirety.
Market Impact and Strategic Considerations
The awakening of these bitcoins has had no apparent impact on the global cryptocurrency market.
Despite the expectations of some investors and analysts, who anticipated that such a move could cause fluctuations in the value of Bitcoin, the price of BTC remains frozen at around $29,400.
This price stability can be seen as an indicator of the market’s maturity and resistance to internal and external changes. The lack of reaction could also be related to confidence in cryptocurrency and Blockchain technology in general, or simply be a result of other macroeconomic factors that are influencing the market at the moment.
In any case, the current situation offers an interesting perspective on the dynamics and psychology of the cryptocurrency market and raises questions about how future similar events could influence the price of bitcoin and other cryptocurrencies.
To sum up, the awakening of the dormant bitcoins continues to be a phenomenon that both fascinates and mystifies the cryptocurrency community. The recent activation of $11.4 million in bitcoins has added another layer of mystery and intrigue to this ever-evolving phenomenon.
By Audy Castaneda
