Bitcoin address trasfers $29M of BTC after nearly 13 years

• A Bitcoin address with 1,005 BTC activated 12+ years later, shifts more than $29 million.
• Wallet speculated to be from a miner who mined a lot in 2010.
• Bitcoin price remains largely flat above $29k.

According to Whale Alert, the blockchain tracker and analytics system that provides regular updates of large coin transactions, another dormant Bitcoin address has just woken up.

Bitcoin that has remained dormant for a significant period waking up suddenly when being transferred has often been subject to market speculation regarding the intention of the hodler. Whale transactions such as these often see jitters hit traders afraid of a major dump, and that is the case even as this particular wallet moved coins not touched for nearly 13 years.

Per the details shared today around 12 pm ET, the said dormant address holds 1,005 bitcoin (BTC), whose market value at current prices is about $29,750,772. The wallet “has just been activated after 12.8 years.” Whale Alert posted on X:

💤 💤 💤 A dormant address containing 1,005 #BTC (29,750,772 USD) has just been activated after 12.8 years!https://t.co/rLkpUZUvfH

— Whale Alert (@whale_alert) August 14, 2023

According to one analyst who commented on the Bitcoin whale’s actions, the address appears to be of an early miner. Mempool analysis shows the individual had actively mined the flagship cryptocurrency in 2010.

Bitcoin price outlook

Bitcoin’s price has over the past few weeks struggled to strengthen towards the $30,000 levels even as bulls defend the critical support base near $29,000. Pressure remains given a technical outlook that could see bears target the buffer area in the $28,000-$28,500 range.

BTC’s chopping as seen over the last few weeks has resulted in a downtrend line on the weekly chart. Attempts to break higher have seen multiple upside wicks but no conviction from bulls. While bulls are capable of bouncing higher in the short term, any slight hammering could welcome the all-important $25k zone.