Less than a week after the Bitcoin Spot ETF was launched, nearly 50,000 Bitcoins were awakened from their slumber. This shows that the market demand for Bitcoin is growing and investors are reassessing the value of Bitcoin. This may be because Bitcoin has become more convenient to store and trade, attracting more people to participate. However, investors also need to fully consider the volatility and potential risks of Bitcoin to make prudent decisions.
Less than a week after the Bitcoin Spot ETF was listed in the United States, nearly 50,000 Bitcoins were suddenly awakened. According to on-chain data, these Bitcoins have only been transferred twice in the past 11 years.
According to Arkham Intelligence, an on-chain data tracking platform, a huge transaction activity was initially discovered. Initially, this batch of Bitcoins was dispersed among 40 addresses, but has now been consolidated into 5 addresses. The total number of Bitcoins held is approximately 49,858, with a value of approximately $2.12 billion.
The last two times these Bitcoins were moved occurred in 2019 and 2013.
Arkham released news in the early morning of yesterday (17th) that before the US stock market opened today, US$2 billion of dormant Bitcoins were transferred between multiple associated addresses. According to past data, these Bitcoins usually move on the same day and at the same time.
Suddenly a large number of Bitcoins were transferred, causing the cryptocurrency community to wonder what was behind it.
Usually, "big whales" will regularly transfer assets to new addresses, but due to the huge amount of this transaction and the complexity of the operation, it requires the cooperation of multiple people.
Blockchain company CryptoQuant pointed out that such large-scale transactions are usually completed by large companies.
The company said: Based on the transaction pattern, we speculate that this transfer was performed by an exchange or custodian to move funds from an existing wallet to a new wallet.
Bradley Park, a Web3 analyst at CryptoQuant, deduced after analyzing relevant data that these Bitcoins were likely transferred by Coinbase, the largest cryptocurrency exchange in the United States.
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