A Sell Signal? What Do Sleeping BTC Transfers Mean to the Market?

Author & Guarantor: Anton Yurchenko

Sometimes a cryptocurrency comes into motion, which for a long time was stored in one wallet and was considered lost. How such transactions affect the crypto market and who is behind them?

Source: techcrunch.com

Crypto-Auditor notices that on July 13, bitcoins came into motion, which had been at the same address for more than 9 years. Two transactions were recorded to transfer 740 bitcoins, stored in one wallet since May 2012.

Nine years ago, the cost of these coins was $3.7 thousand ($5 per BTC), and at the time of the transaction—$26.1 million. For 9 years, the value of digital coins has increased 7 thousand times.

On July 13, the quotes of the main cryptocurrency fell by 2.5%. The price of the digital coin dropped to $ 32.4K. On July 14, bitcoin continued to fall amid reports from China, where another province introduced a ban on cryptocurrency mining.

The last time this happened was in February of this year. Then a large bitcoin holder transferred 100 coins to other addresses, which had been in his wallet without moving since June 2010.

Their total cost was about $ 8, and at the time of the transaction it reached $ 5 million—over 11 years the price increased 622.5 thousand times. After the transaction within a day, bitcoin fell by almost 6%.

A similar reaction could be traced in early October last year, when bitcoins, inactive since 2010, came into motion. In total, the user sent 50 coins ($ 522 thousand at the exchange rate at the time of the transaction). After that, over the course of the day, the main cryptocurrency fell by 1.5%.

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