$2 Billion Worth of Dormant Bitcoin (BTC) Moved After 5 Years: Arkham Intelligence Reports

8:57 pm
January 16, 2024

In a significant update, Arkham Intelligence has reported that $2 billion worth of dormant Bitcoin (BTC) has been moved for the first time in five years, just before the US markets opened today.

The blockchain security and market intelligence platform revealed, ” $2 billion of dormant Bitcoin moved just before the US market opened today, across several linked addresses. The BTC had moved once in 2019, and before that had been dormant since 2013.”

This is an unprecedented move as historically, these Bitcoins have always moved at the same times and dates. The coins were consolidated from 49 addresses into 5 new addresses, each now holding between 8,000 to 12,000 BTC ($380 million to $480 million per address).

Arkham’s report coincided with another significant movement in the Bitcoin market. Grayscale, the company behind the Bitcoin Trust (GBTC) fund, also moved 9,000 BTC worth over $385 million on Tuesday.

Grayscale’s BTC transfers occurred in several batches of 1,000 coins each and totaled over $385 million. The blockchain sleuth Lookonchain noted that Grayscale sent the coins to Coinbase Prime. Last week, wallets linked to Grayscale transferred 4,000 bitcoins to the exchange as well.

These movements have occurred as outflows from GBTC hit the market following the SEC’s approval of spot Bitcoin ETFs. With these substantial BTC movements, the question arises: will they inject new sell pressure on the benchmark crypto?

FAQs

1. What is the significance of the movement of $2 billion worth of dormant Bitcoin?

It marks the first movement of these dormant Bitcoins in five years, which is unprecedented and has raised questions about its potential impact on the market.

2. Why are these movements significant?

These movements coincide with other significant Bitcoin transfers, particularly from Grayscale, and have occurred following the SEC’s approval of spot Bitcoin ETFs, raising concerns about potential sell pressure on the cryptocurrency.

3. What platform reported the movement of dormant Bitcoins?

The movement of $2 billion worth of dormant Bitcoin was reported by Arkham Intelligence, a blockchain security and market intelligence platform.


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