While wallets that have been dormant for a long time have recently taken action again, the latest move came from a wallet that has not moved at all since 2010.
Accordingly, an unknown person or organization who earned 2,000 Bitcoins from mining rewards in 2010 combined all their rewards into a single wallet.
While the merging process took place on March 26, 40 mining rewards worth 50 Bitcoins each were combined into a single wallet.
While the Bitcoin price was around $0.30 at the time the mining rewards were earned, the total value of BTC rewards was $600.
Now the Bitcoin price is around $70,000 and its total value has reached around $140 million.
While the reason for these transfers remains unclear, CryptoQuant CEO Ki Joung Ju claimed that these Bitcoin transfers are a sign of a possible liquidity crisis on the selling side.
Sell-side liquidity crisis is waking up old #Bitcoin imo https://t.co/iRTS374LXu
— Ki Young Ju (@ki_young_ju) March 26, 2024
*This is not investment advice.
