As Bitcoin Flirts With $43K, Dormant BTC Stash Worth $88M Comes To Life After Nearly A Decade
Portfolio Pulse from Mehab Qureshi
A dormant Bitcoin wallet containing 2,101 BTC, worth approximately $88.55 million, became active after nearly a decade of inactivity. The Bitcoins were originally accumulated on February 17, 2015, and were valued at $510,543 at that time. The recent movement of these Bitcoins coincides with a significant surge in Bitcoin's value, which has increased by over 160% in 2023, partly due to optimism surrounding a potential Bitcoin spot ETF. Another whale transaction occurred last week, involving the transfer of 5,500 BTC worth $234 million. Bitcoin is currently trading at $42,439, experiencing a 1.60% decrease over the last 24 hours.
December 20, 2023 | 4:40 am
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NEUTRAL IMPACT
A dormant Bitcoin wallet with 2,101 BTC became active after nearly 10 years, coinciding with a significant price surge in Bitcoin. The activation of such a large stash may influence market sentiment and price volatility in the short term.
The activation of a large dormant Bitcoin wallet may cause short-term price fluctuations due to market reactions to potential selling pressure. However, the overall market impact may be limited as the transfer does not necessarily indicate an immediate sell-off, and the market has absorbed larger transactions without significant price disruption.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70