After 11 years, an idle Bitcoin wallet awakened!!!
Monday,
Date: 24 July 2023
Asshalamu alaykum
This news is kind of a fairytale. Suppose you have bought at 2-3$ price range in 2011. After that you forgot about that. Now in 2023 you suddenly remind that you had a wallet that has btc stored. How would you feel? This news is exactly what you would feel today.
What makes the news exciting?
Since purchasing BTC at 4.92$ in 2011, the unknown Bitcoin wallet has increased by more than 600,000%. After an 11 year, a sleeping btc account with over 1,037 Bitcoin about $31 million at todays price recently awakened and moved away the whole amount. source
The transaction of 1037 btc occurred at block height 799701 at 10:51AM UTC time on 22 July. That time price of btc was 29956$.
When the sleeping wallet bought the 1037 btc on 11 April 2012, the price of each btc was only 4.92$, thereby the whole sum of price was just approximately 5108$. source
What happenes with this money?
According to data from blockchain tracker Blockchair, the wallet address looks like new. When btc made its highest price of 69044$ on 10 November the asset in the wallet sky rocketed to 71.6$ million.
The US government has been among most prominent btc owners recently, sending almost 10000 btc worth 299$ million in a number of transaction on 12 July. But It is unknown whether the transaction were sent to the exchanges or they are still in the hands of justice department.
This kind of movement is very normal in crypto. A series of such movement clearly states that. In 11 June another unknown btc whale transferred 1400 btc valued 36$ million at a single transaction to a P2TR account.
Before that on April another btc whale transferred 2071 btc. The total amount was almost 60$ million.
Not only this, it has been observed that an unknown wallet had completed a transaction of 250$ million valued of 26056 btc in January this year. At the peak of btc price, the wallet was valued more than 1$ billion. Many times, the whale dumps those btc on traders, causing the bitcoin price to decrease. As a result, market manipulation happens. In such a case of sleeping wallet market manipulation, I believe it will not occur.
Conclusion
Besides a few large transactions in last two years 45% of btc has been transferred but still 55% of BTC has not moved. This is a good sign that people understand the future value of btc.
Have a good day.
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Thank You,
@md-sajalislam
https://twitter.com/sajalislam08/status/1683372270767738881?t=a2r4AiB3T0FBYGClgJyq0Q&s=19
Dear @md-sajalislam ,
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This is a nice post but please work on your markdowns, you need to learn how to make headings in your write-up
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