On Thursday, Bitcoin (BTC) reached $98,367 per coin before dropping to $96,524. On the same day, a dormant Bitcoin wallet from 2016 awakened, moving 500 BTC—now worth $48.26 million—after eight years of inactivity.

Long-Term Holders Emerge from the Shadows

As Bitcoin’s price rises, long-term holders (LTH) are stepping into the spotlight. A recent analysis by Glassnode highlights increased activity among veteran wallets. One notable example is a wallet created on October 4, 2016, which moved 500 BTC at block height 871,347 for the first time since receiving the funds. This on-chain activity was first detected by the blockchain parser btcparser.com.

In 2016, the 500 BTC were valued at $306,500, as Bitcoin traded at $613 per coin. Today, the value of those coins has skyrocketed by an astonishing 15,646%, underscoring the explosive growth of the cryptocurrency market.

Transaction Breakdown: 60 BTC to Gemini, the Rest to a New Wallet

Out of the 500 BTC, 60 BTC (valued at $5.79 million at the time) were sent to the centralized exchange Gemini, likely indicating a partial sale. The remaining 439.998 BTC were moved to a new address. The transaction originated from a Pay-to-Public-Key-Hash (P2PKH) wallet, with 60 BTC transferred to a Bech32 address and the rest sent to another legacy P2PKH wallet.

Blockchain explorer Blockchair rated the transaction’s privacy score as zero out of 100, noting the transparency of matching addresses and the use of rounded figures.

Strategic Motives Behind the Movement of Dormant Bitcoins

The reactivation of long-dormant wallets during significant price rallies often sparks intrigue and speculation about the holders’ motives. This whale’s actions likely signify profit realization but also reaffirm Bitcoin’s role as a store of value. The calculated patience shown here highlights the key to successful cryptocurrency investing.

Bitcoin Approaches Six-Figure Milestones

As Bitcoin edges closer to $100,000, these movements of old coins underscore the network’s resilience and transformative potential. Such redistributions not only capture attention but subtly influence liquidity and market sentiment. Long-term holders continue to shape the broader cryptocurrency ecosystem with their well-timed decisions.

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