Bitcoin Worth Over $5.4 Billion Moved – Here’s Who Might Be Behind It

On-chain data tracked by CryptoQuant shows that 50,000 BTC—last moved in the early days of the network— had recently been transferred.

According to Moreno, the movement appears to be the work of an early miner. The transactions trace back to addresses associated with old block rewards, suggesting the coins stem from mining activities during Bitcoin’s infancy. Rather than indicating any imminent sale, the transfer appears to be a consolidation of smaller UTXOs (unspent transaction outputs) into a single, larger one of about 10,000 BTC.

These types of moves are often misunderstood as sell signals, but Moreno emphasized there is no evidence of liquidation so far. The pattern instead suggests that the entity behind the transactions may be restructuring their holdings, likely for security or organizational purposes.

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