Satoshi

2024

Bitcoin

Million

Read

<ul> 
 <li>Two Bitcoin wallets, dormant for a decade, recently stirred the crypto world by transferring $60 million.</li> 
 <li>&nbsp;This event raises speculation about the owners, potentially early miners or even Satoshi Nakamoto.</li> 
 <li>Analysts note divergent signals amid Bitcoin’s turbulence, forecasting anywhere from $70,000 to potential downside vulnerabilities.</li> 
</ul> 
<p>In an astonishing twist, two <a href="https://cryptonewsland.com/bitcoin-not-for-short-term-investorssaylor-insists-impending-ath-are-you-holding-or-selling/">Bitcoin</a> wallets, dormant for over a decade, suddenly became active, moving 1,000 BTC worth an astounding $60 million. The activation of these funds came to light via a tweet by Lookonchain, a service specialized in tracking crypto transactions.</p> 
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   <p lang="en" dir="ltr">2 wallets that have been dormant for 10.7 years transferred all 1,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($60.9M) out in the past 20 mins.<br><br>Wallet"16vRqA" received 500 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($62K at that time) on Sept 13, 2013, when the price was $124.<br><br>Wallet"1DUJuH" received 500 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($62K at that time) on Sept 12, 2013, when… <a href="https://t.co/l5ivjrcRt5">pic.twitter.com/l5ivjrcRt5</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1789599944749596795?ref_src=twsrc%5Etfw">May 12, 2024</a>
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<p>The two wallets in question are “16vRqA” and “1DUJuH”. Back in September 13, 2013, they received a generous gift of 500 BTC, each Bitcoin worth around $124 at the time, totaling $62,000 per wallet. Fast forward to today, with Bitcoin trading at about $61,107 per coin. Now, each wallet stands at approximately $30.6 million, boasting an astounding Return on Investment (ROI) of 49,179.8%.</p> 
<p>Earlier, on May 6, there was another instance of a Bitcoin wallet, inactive for a decade, suddenly springing back to life and transferring 687.33 BTC, valued at approximately $44 million.This movement of large amounts of funds raises questions about the owner of the wallet. There’s been speculation that these wallets might have belonged to either Bitcoin’s creator, <a href="https://cryptonewsland.com/unmasking-satoshi-nakamoto-ripples-cto-david-schwartz-rises-as-possible-creator-behind-the-legendary-bitcoin-network/">Satoshi Nakamoto</a>, early miners who forgot about their stash, or individuals deeply committed to the “HODL” strategy.</p> 
<p>This surge in dormant wallets coincides with Bitcoin’s ongoing volatility. Analysts are divided on predicting Bitcoin price direction amid conflicting indicators. Some predict a potential upside of $70,000 or more in the coming months, while on-chain data suggests that long-term holders may be unwinding their holdings.</p> 
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   <p lang="en" dir="ltr">The average purchase price for new whales is $61.2K. If the price drops below this, they will experience stress. Currently, this level is acting as support.<br><br>Based on history, new whales almost always have to experience stress. The simplest way to get rid of it is to <a href="https://twitter.com/hashtag/HODL?src=hash&amp;ref_src=twsrc%5Etfw">#HODL</a> <a href="https://t.co/i6pc4NPoMN">pic.twitter.com/i6pc4NPoMN</a></p>— Axel 
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   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f64c.png" alt="🙌" class="wp-smiley" style="height: 1em; max-height: 1em;"> Adler Jr (@AxelAdlerJr) <a href="https://twitter.com/AxelAdlerJr/status/1789647854924910857?ref_src=twsrc%5Etfw">May 12, 2024</a>
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<p>JA Martunn, a prominent analyst at Cryptoquant, highlighted this phenomenon by noting that the “Coin Days Destroyed” metric indicates a possible Bitcoin price peak. This metric takes into account the age and volume of Bitcoin transactions, indicating that experienced market players are unwinding their holdings.</p> 
<p>However, Martunn remains optimistic, suggesting that new market players could eventually trigger new price increases by offloading their holdings to experienced market players.</p> 
<p>Martunn explained that, eventually, it will reach a point where the influx of new investors cannot maintain demand for old coins at the current price, leading to a decline. This encourages new investors to sell at small losses, triggering further selloffs. Ultimately, the cycle ends in capitulation, as new participants relinquish their holdings to experienced market participants.</p> 
<p>The resurgence of this inactive Bitcoin crypto wallet serves as a vivid reminder of the ever-changing landscape of the crypto market. Although some crypto investors might feel inclined to mimic these wallets and offload their assets, it’s crucial to weigh in factors like market fluctuations and cycles prior to committing to any investment choices.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
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 <li><a href="https://cryptonewsland.com/the-great-accumulation-of-bitcoin-begins/">The Great Accumulation of Bitcoin Begins: Preparing for the Best Trade of the Decade</a></li>
 <li><a href="https://cryptonewsland.com/over-67-of-bitcoin-remains-unmoved-fueling-bullish-btc-sentiment/">Over 67% of Bitcoin Remains Unmoved Fueling Bullish BTC Sentiment</a></li>
 <li><a href="https://cryptonewsland.com/1-4th-of-all-btc-has-not-moved-in-half-a-decade/">1/4th of All BTC Has not Moved in Half a Decade</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-whales-resurface-230-million-transfer-after-years-of-inactivity/">Bitcoin Whales Resurface: $230 Million Transfer After Years of Inactivity</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/dormant-wallets-awake-with-60-million-worth-of-bitcoins-who-owns-the-wallet/">Dormant Wallets Awake with $60 Million Worth of Bitcoins: Who Owns the Wallet?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Dormant Wallets Awake with $60 Million Worth of Bitcoins: Who Owns the Wallet?

Crypto News Land

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