- CryptoQuant shared a post that states that about 5,000 BTC moved.
- The bitcoin address that had been idle roughly for ten years, suddenly became active.
- Author of the report, Maartunn, suggests that this might bring down the market for BTC.
Today, CryptoQuant, a crypto data analysis firm, shared a post that shows that about 5,000 Bitcoin (BTC), which are approximately ten years old, was spent in a single block.
7y ~ 10y old Bitcoin on the move🤔
” It is definitely not a bullish sign, but..”
— CryptoQuant.com (@cryptoquant_com) August 29, 2022
According to a report, a bitcoin address that had been idle for roughly ten years suddenly transferred the wallet balance of 5,001,51 BTC, worth $99.25M at the time of writing, to a new wallet on August 28.
Based on the report, Maartunn, an on-chain analyst for CryptoQuant, demonstrates that this year, on March 29, 10,328 BTC moved when BTC was at $47,700. Similarly, on May 13, around 2,800 BTC moved during capitulation.
Furthermore, on July 20, a total of 1,105 BTC moved at $23,000, which made a local high, and the price retraced 10% before increasing again. Lastly, 5,000 BTC were transferred yesterday, possibly to another exchange or a safer wallet.
From this point, it’s hard to say what impact it will have on the market. It is definitely not a bullish sign, but I’m not sure if we will see further downside or just consolidation similar to May.
Contextually, Wu Blockchain, another crypto-related news reporter, shared a post on Twitter that says, “There are three more bitcoin addresses of the same origin, two with a balance of 5,000 BTC and one with 6,071 BTC, which have not yet been transferred.”