Dormant Bitcoins Worth $2.12B Stir as ETFs Launch

This significant mobilization occurred almost in sync with the introduction of 11 new spot bitcoin ETFs on key exchanges, including Cboe, NYSE, and Nasdaq.

Written By:
Kelvin Munene

Last updated: January 17, 2024 7:25 PM

Published January 17, 2024 7:25 PM

Last updated: January 17, 2024 7:25 PM

Published January 17, 2024 7:25 PM

Arkham Intelligence has reported the activation of nearly 50,000 bitcoins, dormant for years, just days following the launch of spot bitcoin ETFs in the U.S. The reawakened bitcoins, valued at around $2.12 billion, were consolidated from 49 addresses into five.

$2 BILLION of dormant Bitcoin moved just before US market open today, across several linked addresses.

The BTC had moved once in 2019, and before that had been dormant since 2013. pic.twitter.com/xD4frjzQuP
— Arkham (@ArkhamIntel) January 16, 2024

This significant mobilization occurred almost in sync with the introduction of 11 new spot bitcoin ETFs on key exchanges, including Cboe, NYSE, and Nasdaq. Arkham noted that this Bitcoin transfer preceded the U.S. market opening, a timing that aligns with the historical patterns of these particular holdings.

This recent awakening of dormant bitcoins serves as a reminder of the unpredictable and dynamic nature of the cryptocurrency market. It highlights the potential influence of new financial products like ETFs on market behavior and suggests a deeper interplay between long-standing assets and current market conditions.

As the cryptocurrency landscape evolves, such movements could offer vital insights into market trends, investor behavior, and the impact of emerging trading platforms.