Bitcoin Whale suddenly moves 3.7k BTC dormant for 10 years. The on-chain records show that the Bitcoin whale inspired a collection of 3.7,000 BTC that had been dormant for 10 years.
Bitcoin Whale has been transferring money that is not working accidentally since 2012
As one analyst said in a post on CryptoQuant, these coins that OG whale migrated have stopped since the price of crypto is only $10.
An important indicator here is the “Spent Output Age Bands” (SOAB), which tells us which bands in the Bitcoin market are moving how much money.
Coins are placed into “blocks” or groups based on how long they have been active in the same wallet. For example, the age range 6m-12m includes all standing pieces for 6-12 months.
When some of these coins in this group will eventually move to another address, the movement will appear as a dip on the SOAB chart for that year’s support. Now, here is a graph that shows the Bitcoin SOAB trend specifically for the 7y-10y and 10y+ groups over the past year:
As you can see in the graph above, the value of the production used in Bitcoin for 10+ years is increasing in recent days. In total, the uplift reached around 3.7k BTC moved on-chain.
This means that a large number of parts that have been standing in one place for a decade or more have been removed. In general, such an old supply chain traveling on the blockchain is a bullish signal for the crypto price, as it shows that some determined whales have cleared their holdings.
From the graph, this phenomenon is seen, where large spikes in the amount of production used for the senior bracket (specifically in this period, members of the 7-10 year group) lead to a fall in prices. However, the researcher says that whales usually sell when the price increases. In the present case, the peak of the metric occurred when the price had fallen. “These coins have gone through many bear/bull markets, halvings, Mt.Gox, Blocksize wars, BTC Forks, COVID-20 capitulation,” said the quant.
That the whale is now selling after passing through these things is a mystery. “Does it look brighter than all the Bitcoin events as I described above?” asked the researcher.
It is possible that this last decision is not to be thrown away, that it was made for other purposes, for example, the change of the portfolio.