Bitcoin

48,000 Dormant Bitcoin on the Move, Including 32K Stagnant for 3 to 5 Years

10/18/2022
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48K Bitcoin (BTC), worth $941M, has just been moved from Coinbase Pro, with 32K aged between 3 and 5 years.

Recent reports of on-chain moves have revealed interesting, often worrisome, data on BTC whale movements. As frightening market conditions persist, dormant assets are being reawakened in the current cycle. This pattern has precipitated a further wave of uncertainty in space.

Amidst these concerns of selloffs, an additional 48,000 BTC tokens worth over $941M have just been moved, but with the limited information surrounding the transactions, the community might not be seeing much of a reason to panic yet.

Out of the 48K, BTC tokens moved, 32K had been dormant for 3 to 5 years, as revealed by CryptoQuant author Maartun. These age-old BTC tokens represent over 66% of the total amount of tokens recently moved.

Maartun cited the Bitcoin: Spent Output Age Bands indicator. Amongst the 48K BTC moved, 11,280 tokens were aged between 3 months and six months, with 4,560 BTC has been dormant for 12 to 18 months.

“A total amount of 48K $BTC has moved on-chain.

A Big portion is ancient coins (between 3 and 5 years old).

  • 3m – 6m: 11,280 BTC
  •  12m – 18m: 4,560 BTC
  • 3y – 5y: 32,000 BTC,” Maartun disclosed in a tweet Tuesday.

 

Notwithstanding, it seems the assets were part of an exchange outflow move, as they appear to have been moved out of Coinbase Pro. There is currently a circulation of limited information on the transactions which occurred hours apart between Monday and Tuesday.

Consequently, the community can only rely on speculations in ascertaining whether the assets were moved by Coinbase in an in-house transit, if they were transferred entirely to a new wallet or if it was an actual exchange outflow, Maartun noted.

Despite the transactions looking like an in-house movement, the nature and intent of the movement of such a massive amount of BTC tokens are capable of influencing market sentiments in the long run.

 

To share more insight with the community in the quest to demystify the recent movements, Maartun disclosed a few more exciting details. 8,000 BTC tokens were deposited in Coinbase straight after the outflows from Coinbase Pro.

Additionally, the transactions had been partitioned into batches of 122.6 BTC. Maartun highlighted that this pattern was previously observed in the 2021 bull run, insinuating that these transactions could have been made by large U.S. institutional investors who predominantly patronize Coinbase.

 

Meanwhile, the current state of the Coinbase Premium Index indicator is suggestive of a bullish outlook. The metric shows a positive value as of press time, indicating intense buying pressure on U.S. institutional investors.

Recall that the pattern of reawakening dormant BTCs has been observed more often than usual. As previously reported by The Crypto Basic, 500 BTC remaining dormant for five to seven years were moved last week. This movement followed a similar one witnessed on September 19, which involved 2K BTC aged 5 to 7 years.

Despite these recent movements, most BTC indicators are looking pretty good, as the asset holds steady above the $19k level. The BTC Exchange Reserve has recently lowered, indicating a reduction in selling pressure. Additionally, net deposits of BTC on exchanges have remained low.

BTC is changing hands at $19,571 as of press time, gaining by 2.37% in the past seven days.

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Source: https://thecryptobasic.com/2022/10/18/48000-dormant-bitcoin-on-the-move-with-32k-having-been-stagnant-for-3-to-5-years/?utm_source=rss&utm_medium=rss&utm_campaign=48000-dormant-bitcoin-on-the-move-with-32k-having-been-stagnant-for-3-to-5-years