As a researcher with a background in cryptocurrencies and blockchain technology, I find the recent activity surrounding four dormant Bitcoin miner addresses to be intriguing. The sudden transfer of 100 BTC ($7 million) from these wallets, which had been inactive since 2013, coincides with Bitcoin’s price surge above $70,000.
It’s astonishing that recently, four Bitcoin mining wallets, previously inactive for over ten years, have become active again. This unexpected development occurred concurrently with Bitcoin’s price reaching an all-time high of $70,000 during Monday’s market session.
According to the on-chain analysis provider Lookonchain, following Bitcoin’s price surpassing $70,000, four previously inactive miner wallets, last used eleven years ago, moved and withdrew a total of 100 Bitcoin (equivalent to approximately $7 million).
On June 3, Bitcoin experienced a notable increase, breaking the $70,000 mark and peaking at $70,295. The surge in value came alongside continued investment in crypto products during the past week, fueled by the recent excitement surrounding GameStop and other market trends.
As a researcher studying Bitcoin transactions, I’ve come across an intriguing development. Following the recent price surge that pushed Bitcoin above the $70,000 mark, four previously inactive miner addresses, last active in 2010, moved 100 Bitcoins each – equivalent to approximately $7 million at current prices. In 2013, each of these addresses had mined 25 Bitcoins, translating to about $1.75 million based on that year’s prices. The most recent transaction from each address occurred on March 13, coinciding with another significant price movement for Bitcoin.
— Lookonchain (@lookonchain) June 3, 2024
According to the latest CoinShares report, a total of $185 million flowed into crypto assets during the week ending on May 31st. In the month of May alone, there was an inflow of approximately $2 billion into digital asset investment products, which includes Bitcoin ETFs.
It’s thought that the surge in GameStop share prices, instigated by the influential Reddit account during the 2021 meme-stock phenomenon, might have contributed to the rise in Bitcoin’s value as well.
As a crypto investor, I’ve come across some intriguing information from Lookonchain regarding four miner addresses that had been dormant since 2013. These addresses suddenly transferred out a combined total of 100 BTC, equivalent to around $7 million at current values. In the past, each address had mined and earned 25 BTC through their mining activities during the early days of Bitcoin in 2013. Back then, digital currency rewards were significantly more generous than they are today.
As an analyst, I’ve noticed that the exact moment of the 25 BTC transfers from each wallet address is worth examining closely. For instance, one miner’s wallet moved 100 BTC on March 13, following hot on the heels of Bitcoin surpassing $70,000 for the first time. This transaction could be indicative of a carefully planned strategy to maximize profits by cashing in at the price peak.
As a crypto investor, I’m observing a 0.83% increase in Bitcoin’s price at the moment, pushing it up to $69,812. Unfortunately, we fell short of reaching the coveted $70,000 milestone during today’s trading session. The peak price for Bitcoin on Coinbase reached an impressive $69,997, leaving us only a small gap away from hitting that significant psychological figure.
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2024-06-06 12:53