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Another Dormant 5K Bitcoin On Move After 7 Years, 10K In 24 Hours, “Experienced Market Participant Getting Out?” - The Crypto Basic


thecryptobasic.com 30 August 2022 02:35, UTC
Reading time: ~2 m

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5000 Bitcoin 7 To 10 Years Old Is On The Move Again

Bitcoin whale moves 5k BTC again.

In a CryptoQuant Quicktake late yesterday, market analyst Maartun reveals that he has discovered an identical transaction of 5000 BTC of the same age as the one carried out on Sunday.

“another 5.000 $BTC moved one block ago. The Bitcoin is the same age as yesterday (7y ~ 10y), making it an identical transaction,” Maartun writes.

While Maartun does not confirm if the transactions are from the same market participant, it is worth noting that a user in the comments shares a wallet address whose transaction data matches that described by Maartun in both Quicktakes. Notably, after receiving the 5000 BTC on Sunday, the address appears to have transferred it out again. 

It bears mentioning that Wu Blockchain has also been monitoring the transactions. In a tweet yesterday, the Twitter account run by crypto reporter Colin Wu identifies the source of the transaction, which shows that the 5k BTC has been dormant since 2013, confirming the age as nine years. Furthermore, Wu reveals that there are three other Bitcoin addresses of the same origin, with two holding 5000 BTC and one having about 6,071 BTC. Notably, one of the accounts holding 5000 BTC sent it out today. But, again, the recipient address sent it out shortly after receiving it.

Another address holding 5,000 bitcoins transferred bitcoins out at 00:41:07 a.m. (UTC+8) on August 30, , worth about $100 million, and has since split into multiple 148 BTC transactions. https://t.co/3hx8Minruk

— Wu Blockchain (@WuBlockchain) August 30, 2022

While the reasons for this sudden whale activity are unknown, Maartun noted in his previous Quicktake that such transactions in the past have led to market consolidation or price correction. However, the analyst notes that this transaction differs from others this year as the Bitcoins have not been sent to exchanges.

It is worth noting that the crypto markets have shown some signs of resilience after a weekend full of panic. Bitcoin has reclaimed the $20k price point, while Ethereum has reclaimed the $1,500 price point. 

While the general outlook of the crypto markets remains uncertain, several analysts are now giving room to the narrative that Bitcoin could crash as low as $10k before it rises to create new highs.

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