When the owner bought the coins in June of 2011, they did so for approximately $2,250; however, the current value of the hoard is approximately $3.5 million. The analysts consider these coins “ancient” because they were acquired at least seven years ago.
The first half of this year has seen a significant increase in activity around these so-called “ancient Bitcoins.” Since the beginning of 2023, 3,200 coins have awakened from their slumber, 1,100 of which date back to 2013. A transaction of 412 Bitcoins worth $9.6 million was just completed using an address from the Satoshi era.
It is common practice to view any movement of coins from an old wallet as a negative indication. It is possible to infer that the owner is transferring the bitcoins to exchange to get ready to sell them for a substantial profit. Sales of this magnitude may substantially impact the price of Bitcoin on the market. Despite this, Bitcoin investors sometimes move their holdings to different addresses to be more secure.
After 155 days, there is a reduced likelihood of Bitcoin holders selling their cryptocurrency, according to analysts working for Glassnode. IntoTheBlock’s statistics show that 69 percent of Bitcoin addresses have already reached a point where their weighted average holding period is more significant than one year.
A recent poll also found that the total number of Bitcoins that have been held onto for an extended period of time is growing by 100,000 each and every month. On May 12, the price of bitcoin reached a multi-month low of $25,850; however, since then, it has rebounded to a price of $27,450 to start the week on May 15.
