On July 4th, two Bitcoin wallets created in 2011 (each holding 10,000 Bitcoins) were reactivated after being idle for over 14 years. These two wallets transferred their entire balance to a new address, a move that historically often leads to large-scale sell-offs by long-term holders. The first wallet was discovered by the on-chain analysis platform Lookonchain, and when it was created, the price of Bitcoin was only $0.78, meaning the acquisition cost for 10,000 Bitcoins was less than $7,805. The second wallet also conducted a similar operation, transferring the same amount of Bitcoin.
The sudden activation of early Bitcoin wallets has triggered cautious reactions from market participants. Such a large-scale holding activity (valued at over $2 billion at current prices) raises questions about the intentions behind these transfers and their potential impact on market dynamics.
