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1,000 Dormant Bitcoin On The Move for First Time in 4 Years

source-logo  thecryptobasic.com 27 February 2023 09:47, UTC

The development has kept market watchers looking, especially considering Bitcoin’s delicate position.

A Bitcoin (BTC) whale moved 1,000 tokens that had been dormant since their purchase four years ago. This movement of assets coincides with a period of significant growth in their value, having appreciated by an impressive 575% over the last few years.

The 1,000 BTC tokens were purchased on Feb. 23, 2019, when Bitcoin was trading at $3,468 apiece, according to CryptoQuant verified author JA Maartun today.

3 ~ 5 year old #bitcoin on the move 😉

▶ The 1000 $BTC is bought on 2019-02-23 for $3,468
▶ Today the coins have moved at $23,447 for $23,439,000

🤑 Realized Profit/Loss: $19,971,000https://t.co/k4CwzBM8ah pic.twitter.com/UHrTWObkfQ

— Maartunn (@JA_Maartun) February 27, 2023

This suggests that the whale address purchased all 1,000 tokens at a total price of $3.4 million back in 2019. After four years of dormancy, these tokens were moved today as Bitcoin traded for $23,447. This marks a 575% increase in the total holdings, leading to an adjusted cumulative value of $23.4 million.

Assuming that the whale sold the recently transferred assets, they would have made a substantial profit of $19.9 million from this trade. However, as JA Maartun pointed out, there is limited evidence to suggest this was a selloff, as the assets may have been transferred to a different address owned by the same entity.

Nonetheless, the recent development has kept market watchers on the lookout, especially considering Bitcoin’s delicate position. The asset recently dipped below $23K for the first time in over ten days. Though it has recaptured the prized territory, analysts believe its current position is delicate. More selloffs at this point could exert pressure on its price action.

Bitcoin’s recent dip below $23K has been ascribed to the appreciation of the dollar index, which has impacted most risk assets. Seasoned analyst DonAlt noted that the dollar might rise slightly from its current position, but it is inching closer to a resistance that should be bullish for the markets. BTC is trading for $23,386, up 0.97% in the past 24 hours.

Dollar might pump a lil more but it's at or at least near resistance

Kinda nice that we had a sizeable bounce and BTC still managed to make new highs, means that if the dollar shows weakness again we can expect more strength pic.twitter.com/sBX7XRBfie

— DonAlt (@CryptoDonAlt) February 26, 2023

Despite reports suggesting that ancient coins have been on the move of late, the CryptoQuant Binary CDD metric still sits in favorable territories, indicating a low long-term holders’ movement at the reporting time. Earlier last month, 4,000 BTC tokens aged between 2 and 3 years were moved when BTC traded below $17K.