Inactive Bitcoin Wallets Awaken After 16-Year Slumber
Two Bitcoin wallets that had been inactive for over 16 years have made a transfer of 100 BTC, worth around $8 million. The funds were mined on March 2, 2010, when there was no established market price for the cryptocurrency.
The transfer is significant because it shows that early holders are becoming more active in the current consolidation phase. Darkfost, an analyst, noted that the 90-day moving average of spent UTXO among holders who have held Bitcoin for more than five years rose to 1,500 BTC. This indicates a notable increase in the volume of Bitcoin moved by this cohort over the past three months.
However, it's essential to note that increased movement does not necessarily mean that Bitcoin is being sold. Some investors may be moving assets for security reasons, such as after the Coldcard incident. The current consolidation phase has sown doubts among different categories of investors, including seasoned early holders.