Bitcoin wallet, inactive for nearly 12 years, has transferred its entire holding of 500 BTC, valued at just under $35 million, to multiple new addresses. The wallet received the 500 bitcoins on July 14, 2012, when the value was less than $4,000, with Bitcoin’s price under $8. The parties responsible for this significant transfer remain unidentified, and it’s not known why the transfer was made.
Recently, an unknown party also combined 2,000 bitcoins mined in 2010 into one wallet. This is one of several interesting Bitcoin network events. Initially worth about $600, these are now valued at around $140 million.
Such transactions have led industry experts, including CryptoQuant CEO Ki Young Ju, to speculate on a potential “sell-side liquidity crisis” driven by demand from new Bitcoin ETFs in the U.S.
Additionally, the Bitcoin network witnessed another notable transaction where the fifth richest Bitcoin address transferred $6 billion worth of Bitcoin to three new addresses.
In an unusual act earlier in January, an entity transferred 26.9 bitcoins, worth $1.2 million, from an exchange to Bitcoin’s genesis wallet, effectively removing them from circulation.
These movements highlight the dynamic and unpredictable nature of the cryptocurrency market, sparking discussions and speculation within the industry.
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