Bitcoin wallet, which had been inactive for nearly 12 years, has transferred its entire holding of 500 BTC, worth slightly less than $35 million, to various new addresses. The wallet received the 500 bitcoins on July 14, 2012, when their value was less than $4,000 and the price of Bitcoin was under $8. The persons responsible for this substantial transfer have yet to be identified, and it is unclear why the move occurred.
Recently, an unknown individual pooled 2,000 bitcoins mined in 2010 into a single wallet. This is one of many intriguing Bitcoin network happenings. These were originally worth roughly $600 and are now valued at around $140 million.
Such transactions have prompted industry analysts, like CryptoQuant CEO Ki Young Ju, to fret about a potential “sell-side liquidity crisis” caused by demand for new Bitcoin ETFs in the United States.
In addition, the Bitcoin network witnessed another remarkable transaction, in which the fifth richest Bitcoin address transferred $6 billion to three new addresses.
In an extraordinary move earlier in January, an entity transferred 26.9 bitcoins worth $1.2 million from an exchange to Bitcoin’s genesis wallet, thereby removing them from circulation.
These swings underscore the cryptocurrencycurrency market’s volatile and unexpected nature, causing debate and conjecture within the industry.
