2K Dormant Bitcoin Moved After 11 Years as BTC Sinks

Whales have moved about 2,000 bitcoin that had been dormant for 11 years amidst a BTC crash to a 2-year low of $16,600.

Bitcoin (BTC) has been hit hard by the persistent shenanigans of the bears as the market slips into frightening territories. Amidst these petrifying conditions, whales moved about 2,000 BTC that had been dormant since August 2011, as revealed by CryptoQuant chief Ki Young Ju.

“Old 2k BTC just moved. These were dormant since Aug 2011,” Ki revealed in a tweet Thursday, as he shared a link to the Bitcoin Spent Output Age Bands indicator, which confirmed his claim.

Old 2k $BTC just moved. These were dormant since Aug 2011.https://t.co/6LnCxFBh5v pic.twitter.com/44ysUZCYkt

— Ki Young Ju (@ki_young_ju) November 11, 2022

The CryptoQuant chief shared a series of recent transactions involving 500 BTC each from varying wallet addresses involving the 11-year-old BTC movement.

The addresses had been dormant until November 11. All wallets now have been drained, as balances after the movements amounted to $8 worth of BTC. The age of these coins suggests that these are possibly early adopters like old miners.

Besides this reawakening of 11-year-old 2,000 BTC tokens, there appears to be a broader pattern of long-term holders’ movements, as bears subject bitcoin to the coldest point of the Crypto Winter yet, tanking the asset to a 2-year low amidst a red market.

The CryptoQuant Binary CDD indicator does not reveal comforting metrics, as data indicate a pattern of high long-term holders’ (LTH) movement in the past seven days. According to the metric, these recent movements have been higher than the 7-day average. This has contributed to the panic already circulating within the space, as long-term investors often move their assets when it is time to sell.

Amidst this increase in LTH activities, BTC has been sailing through troubled waters, as it slipped to a low of $16,500 on Friday amid terrifying market conditions. Despite a struggle to rise above $17k shortly after the shocking dip, BTC hit another hurdle that has brought it back to a current price of $16,700 at the time of reporting, dipping by 3% in the past day.

Many analysts suggest that the panic dumped on investors from the FTX saga has contributed to the red market and bitcoin’s underperformance. Although the propitious developments from the recent US CPI data suggest an imminent halt of the Fed’s interest rate hikes, BTC has not been able to free itself from the shackles of the bears, sinking by 21.68% in the past week.

Notable analyst and swing trader il Capo of Crypto had previously warned of this massive dump when BTC was trading above the $20k zone and attempting to reclaim the territories above $21k. The Crypto Basic reported the development last week.

Capo Crypto’s analysis suggested a “fake pump” to the $21k zone and an imminent crash to $14k. Following his predictions, BTC soared to a high of $21,400 on November 5 before facing one of the fiercest rejections ever, leading to the current underperformance. Capo Crypto insists that we are not out of the woods yet, forecasting a $14k value at a time when certain individuals believe the bottom is in already.

“Things are about to get uglier. I’m still 100% out of the market,” he said in a tweet Friday after mentioning that a dip to $14k will occur sooner than the community thinks.

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