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Since 2013, Bitcoin (BTC) hodlers have been asking questions after 10,000 BTC dormant suddenly left their wallets.
On-chain data flagged on August 28-29 confirmed that a large tranche of Bitcoin had become liquid again after nearly a decade.
Analysts first started noticing strangely high trading volumes this weekend. 5,000 BTC included in blocks.
The funds, which had remained in the same wallet since 2013, remained of unknown ownership, but were soon joined by nearby funds. Identical 5,000 BTC a day later.
In total, 10,000 BTC has moved for the first time since 2013, and on-chain detectives are interested in the motives of the whales in charge.
After analyzing the destination wallet, it was concluded that the funds were not sent to the exchange. Instead, they were split into numerous new wallets.
Considering the reasons behind the move, Maartunn, a contributor to on-chain analytics platform CryptoQuant, suggested that privacy could play a role.
rapid investigation @IT_Tech_PL
1. Move bitcoins to a new address
2. From new addresses to small multiple addressesThe scenario is basically @ki_young_ju listed herehttps://t.co/FHgIJsv24P
Martin (@JA_Maartun) August 29, 2022
Maartunn linked to a comment by Ki Young Ju, CEO of CryptoQuant. Ki Young Ju argued last week that those who own particularly large amounts of old coins should avoid drawing attention to their now vastly increased wealth. In 2013, BTC/USD traded up to around $1,165.
For Ki, these coins were “minted in lawless times.”
We have found that these whales are very likely: a) early visionaries who accumulated bitcoin through mining and trading, and b) Cryptsy bitcoin just before being hacked. Coins issued by exchanges (customer funds allegedly stolen) research piece Added to old fund movements from August 3rd.
The transaction was made between picked up by whale shadow Indicator by Philip Swift, creator of on-chain analytics resource LookIntoBitcoin.
Related: US Dollar hits 20-year high 5 things to know about Bitcoin this week
The data, which clearly showed two spikes in older coins, prompted a discussion about their impact on BTC’s price action.
As Swift and CryptoQuant have shown, previous such spikes have marked local highs for BTC/USD throughout Bitcoin’s history.
other social media commentators was suggested The funds were tied to the revitalization process of the defunct exchange Mt. Gox.
As reported by Cointelegraph, concerns that creditor compensation began this weekend, sparking a significant sell-off, ultimately appeared unfounded.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
