Bitcoin has rebounded strongly from its recent downturn, climbing near $90,000, just 1.84% shy of its record high. The recovery follows a period of heightened market activity, with several long-dormant wallets transferring significant holdings. These movements, often seen as precursors to market shifts, have raised concerns about potential selling pressure.
Increased Exchange Transfers
Recent data reveals a surge in Bitcoin transfers from dormant wallets to exchanges. Spot on Chain, a blockchain analytics platform, reported that a wallet holding 400 BTC—worth approximately $35.8 million today—became active after 12 years. This wallet, along with two others, collectively moved 600 BTC ($46 million) to Bitstamp over the past month. Notably, all the funds originated from wallets inactive for more than a decade.
In a similar case, another address containing 246 BTC ($22.3 million) was activated after nearly 12 years. A third wallet, holding 400 BTC ($35.8 million), also moved its holdings after remaining dormant for over 12.5 years. These transactions highlight a growing trend of significant Bitcoin movements from historical wallets, often to exchange platforms.
Satoshi-Era Wallets Make Rare Moves
On November 15, a Satoshi-era wallet moved 2,000 BTC, valued at nearly $180 million, to Coinbase. According to Lookonchain, this wallet had been inactive since 2010, a period when Bitcoin was priced below $0.10.
The miner had held these coins since the early days of Bitcoin, during the time of Satoshi Nakamoto’s active online presence. This activity is part of a broader pattern, with more Satoshi-era coins entering circulation in recent months.
Poland Mulls BTC Reserve, Bitcoin Hits Historic Weekly CloseAnalysts Monitor Potential Market Reactions
Despite these developments, market analysts maintain a cautious stance. While whale movements to exchanges often signal selling pressure, the overall market response has been muted. Analyst Michaël van de Poppe noted that Bitcoin dips are still viewed as buying opportunities. He anticipates potential market corrections in the coming weeks but highlights the current upward trend.
Bitcoin’s price resilience, coupled with increased activity from long-dormant wallets, continues to shape the evolving market dynamics. This blend of historical activity and present market optimism underscores Bitcoin’s enduring appeal and its complex market influences.
