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Movement of Bitcoin Worth 2 Billion Dollars from Inactive Wallets Created Selling Fear
Today, two Bitcoin wallets holding a total of 20,000 BTC and inactive for a long time have become active again. This amount is worth more than 2 billion Dollars at current prices.
These wallets transferred their balances to new addresses, triggering fears that long-term holders might sell.
Two Inactive Bitcoin Wallets Carried BTC Worth 2 Billion Dollars
As BeInCrypto reported earlier, the on-chain analysis platform Lookonchain identified the source of one of the transfers: a wallet created on April 3, 2011, when BTC was only trading at $0.78.
At that time, the wallet owner bought 10,000 BTC for a price below 7,805 Dollar. The wallet remained inactive for over 14 years until the early hours of July 4, and the full balance was transferred to a new address.
Lookonchain also found a second wallet with a similar balance of 10,000 BTC since 2011 and executed the same transaction. Historically, such movements have been indicative of sales from long-term holders, and today it received quick and cautious responses from market participants.
Bitcoin Market is Responding
Many traders have reduced their activities in anticipation of potential whale liquidations. This increasing hesitation is also reflected in BTC's trading volume, which has decreased by 15% in the last 24 hours, falling to 46 billion Dollar.