500 idle BTC tokens moved after 5-7 years.
A large number of Bitcoin (BTC) tokens, around 500, are put into motion after 5-7 years of inactivity.
Amid the tenacious bear market, Bitcoin (BTC) price action has not particularly added to the euphoria in the cryptocurrency scene. Despite these unfavorable conditions, most long-term holders remain positive as the market has seen little asset movement. However, not all holders are willing to leave their assets idle for much longer, as recently indicated.
Around 500 BTC between 5 and 7 years old have recently moved after years of inactivity. The tokens, which were moved to an unidentified wallet at the time of publication, were purchased between 2015 and 2017, CryptoQuant author and market watcher Maartun revealed.
“500 BTC with an age between 5 and 7 years have moved in the last block. These coins were purchased between October 2015 and October 2017, making them OG coins.” Maartun Crypto Quant verified author disclosed in a tweet on Friday. The accomplished analyst further shared a chart to back up his claim.
🚨 500 $BTC with the age between 5y ~ 7y has moved in the last block.
These coins were purchased between October 2015 and October 2017, which makes them OG coins😉
— Maartunn (@JA_Maartun) October 14, 2022
As seen in a close-up version of CryptoQuant Bitcoin: spent production age bands, around 500 BTC tokens purchased between 2015 and 2017 recently moved after being dormant since their purchase.
This marked the largest single movement of 5-7 year BTC assets in almost a month, following the awakening of over 2,000 BTC tokens on September 19.
Investors typically move their idle tokens around when they intend to sell them. Consequently, large whale movements in the market have historically contributed to waves of FUD within the crypto community.
Despite being in a bear market, if asset holders apply liquidation plans, their trades would still generate profits, considering the current value of BTC at the time of the report.
The assets were accumulated between October 2015 and October 2017, indicating that the highest value the assets were purchased for would be around $5,800, the highest value of Bitcoin between October 2015 and October 2017.
Not surprisingly, this whale movement coincides with a recently engineered BTC relief rally. Despite the recent worrying IPC data report, BTC and the rest of the crypto markets have staged an unexpected relief rally that has seen the first-born crypto gain over 7% in the past day.
Bitcoin is trading comfortably above support at $19k as it changes hands at $19,700 at press time. The asset has gained 7.10% in the last 24 hours, dragging the rest of the crypto markets on its back as most major assets see massive gains.
Bitcoin’s recent relief rally follows a worrying drop that came alongside the US CPI report on Thursday. The 7% increase in 24 hours must have caused the recent movement of whales. Despite these data, markets remain unperturbed at press time.
Last month, Glass node indicated that the supply of BTC that has lain dormant for the past year reached an all-time high of 12.5 million BTC tokens. The data indicated that around 66% of the circulating supply of Bitcoin had not moved for over a year, despite dire market conditions.
Yesterday, Plan B commented that nearly 50% of all Bitcoin holders were at a loss; for him, it is a proven indicator of BTC background since 2011.
As reported by The basic crypto, 15,000 idle BTC moved in the first ten days of September.
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