Bitcoin Giant Awakens: 2,043 BTC Moved After 7-Year Slumber
On-chain data reveals a significant event in the Bitcoin market as a long-dormant whale has stirred, moving 2,043 BTC on the blockchain after nearly seven years of inactivity. This substantial transaction, valued at approximately $140.8 million at current exchange rates, has drawn attention from crypto analysts and investors alike.
A Dormant Bitcoin Whale Makes a Notable Transaction
The movement was first highlighted by CryptoQuant community analyst Maartunn, who pointed to the "Spent Output Age Bands" (SOAB) indicator. This metric tracks the amount of Bitcoin moving on the blockchain that belongs to specific age groups, determined by how long coins have remained untouched in a wallet. In this instance, the focus was on the 5 to 7-year age band, indicating tokens that hadn't been involved in a transaction for half a decade or more. The associated chart, shared by Maartunn, visually confirms a massive spike in this age band, signaling the end of this particular cohort's dormancy. Further analysis revealed that the whale responsible for this move had acquired these tokens on February 19, 2019. Interestingly, this entity previously held a larger sum of 39,000 BTC, originally received from Cumberland, an OTC Trading Desk. While the exact motivation behind this seven-year awakening remains uncertain, it could be a reaction to recent bearish price action or simply a routine wallet consolidation.
Shifting Market Dynamics
In a related development concerning market sentiment, new investor capital inflows into Bitcoin have notably dried up, as highlighted by CryptoQuant author IT Tech. The 30-day cumulative capital netflow into Bitcoin has recently plunged into negative territory, currently standing at -$2.6 billion. This trend suggests that new investor demand is currently insufficient to absorb the existing selling pressure, a behavior often associated with the early conditions of a bear market. How the 30-day cumulative new money flow into BTC has changed over the past decade Despite these significant on-chain movements and shifting investor sentiment, Bitcoin's price has largely exhibited sideways movement in recent days, stabilizing around the $68,900 mark. The trend in the price of the coin over the last five days
