'Ancient' Bitcoin keeps waking up

 What has awakened a series of Bitcoins that have been "sleeping" for the past 10 years is still a question that makes many people curious.

n the crypto community, "archaic" Bitcoin refers to wallets that last traded a decade ago, when Bitcoin and cryptocurrencies were still new concepts. According to CoinTelegraph, the Bitcoin (BTC) market is witnessing a series of "whales", who have been holding wallets for decades, waking up from a long hibernation.

When the Bitcoin price peaks in the fourth quarter of 2021 at $67,000, the question is how will the long-term holders act? Will they sell to take profits or continue to believe in the future of this digital currency?

At that time, the majority of "whales" continued to do nothing. However, when Bitcoin fell to the $ 20,000 price zone, the lowest level in the past two years, a series of "ancient" wallets woke up. Their appearance immediately attracted great attention in the community.

The chart shows the number of Bitcoins that have been dormant for more than 10 years (yellow) that have been continuously reactivated recently. Source: Lookintobitcoin
The chart shows the number of Bitcoins "hibernating" over 10 years (yellow) that have been continuously reactivated recently. Source: Lookintobitcoin

Data on the Bitcoin blockchain shows that just last week, 510.65 BTC left the wallet after 10 years, and last month 10,000 Bitcoin. On June 14, a whale also awakened "ancient" 477.80 BTC. Very little is known about the origin of this Bitcoin as well as the motives of its holders.

"We discovered the movement of a lot of 'archaic' Bitcoins last week. They have been lying dormant on the blockchain for over 10 years but have suddenly woken up," Philip Swift, an expert at LookIntoBitcoin, stated. on Twitter on September 27.

Other data from analytics firm Glassnode as of September 27 shows that a total of 2,521,378 BTC has been dormant for at least 10 years, an all-time high. This means that, despite the increasing number of Bitcoins waking up in this period, overall, owners still tend to keep BTC for a long time, regardless of market changes.

At the end of August, 10,000 Bitcoins left the wallet after nearly 10 years of "sleeping" causing the crypto community to stir, as in history there have only been six similar events. Every time the event takes place, the market fluctuates wildly. The common point is that Bitcoin all peaked in price right before these transactions, then saw a plunge due to a large amount of Bitcoin sold off.

Ki Young Ju, CEO of CryptoQuant, predicts that this Bitcoin originated in the "era of lawlessness" when Bitcoin thefts took place continuously. He suggested that the money may have come from a theft on the Cryptsy exchange.

Meanwhile, some other analysts predict that 10,000 Bitcoins may be related to Mt.Gox - the world's largest cryptocurrency exchange in 2013. In February 2014, Mt.Gox declared bankruptcy after 850,000 Bitcoins. , equivalent to $423 million at the time, disappeared after a hack. Mt.Gox then used hundreds of thousands of Bitcoins to negotiate and appease the victims. Many people are concerned that after a decade of "freezing", now the creditors of the exchange have agreed to sell this BTC to take profits. In 2014, each BTC cost 500 USD and now it is 20,000 USD, which means they have made 40 times more profit.

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