What do 400 BTC from a miner-era wallet reveal about long-term holder behavior?
Key Takeaways
Содержание статьи:
Do we know who owns the dormant wallet or why the transfers were made?
No, the identity of the wallet owner and the reason behind the transfers remain unknown. Lookonchain noted that the receiving wallet was initially funded by miners around 15 years ago.
How much has Bitcoin’s value increased since the wallet was first funded?
Bitcoin’s value has surged approximately 830 times over the past 12 years, rising from around $135 to over $111,800 at press time.
A dormant Bitcoin [BTC] wallet, untouched for over a decade, sprang back to life on the 28th of September, moving $44 million worth of BTC for the first time in 12 years.
Whale moves 400 BTC after 12 years
Blockchain analytics platforms Lookonchain and Arkham Intelligence reported that the wallet address “1ArUG…zwaWT” transferred roughly 400 BTC in mostly equal batches of 15 BTC, effectively emptying the long-idle account.
The stash was originally funded by miners 15 years ago, though the identity of the owner remains unknown.
Over the 12-year holding period, Bitcoin’s price has surged roughly 830 times, from $135 to $111,800 at press time.
What are on-chain metrics suggesting?
On-chain metrics provide further insight into these market dynamics.
Coin Days Destroyed (CDD), which weighs older coins more heavily when spent, spiked in recent days, suggesting long-term holders moved or sold assets to realize profits.
Historically, this activity has marked market tops.
Source: Bitbo
However, fresh data pointed to a cooling trend.
CryptoQuant reported that monthly CDD fell from a peak above 1.3 million to around 650,000, below its yearly average. That decline suggested fewer long-term holders (LTHs) were sending coins to exchanges.
Additionally, the Spent Output Profit Ratio (SOPR), which measures the profitability of spent Bitcoin transactions by comparing the selling price to the acquisition price, stood at 1.0053.
Source: Bitbo
Naturally, this indicated that the average profit realized from recent sales was smaller. In fact, on a monthly basis, SOPR fell from 3 (a 200% average profit) to 1.70 (70% profit).
Together, these signals imply that LTH is becoming more patient, potentially reducing immediate downward pressure on Bitcoin and signaling a more stable market outlook in the near term.
Bitcoin’s price action and more
Moreover, Bitcoin continued its choppy trading, slipping slightly to $112,101.08 over the past 24 hours, down just 0.16%, according to CoinMarketCap.
While short-term volatility has given bears some control, technical indicators suggest bullish sentiment remains intact.
The Relative Strength Index (RSI) held above 70, indicating bullish sentiment, though its overbought reading hinted at the risk of a short-term pullback.
Source: TradingView
Has this happened before?
That being said, this was not an isolated event.
On the 17th of September, another dormant whale moved 1,000 BTC valued at $116.8 million, securing massive profits from its original $847,000 purchase.
Adding to the excitement, on the 15th of September, a Satoshi-era whale swapped 35,991 BTC ($4.04 billion) for 886,371 Ethereum [ETH] ($4.07 billion), fueling Ethereum’s strongest third quarter on record.
Together, these developments suggest that while minor corrections may occur, Bitcoin’s broader momentum is poised to favor the bulls.
Next: Does Cardano still have the same cult-like fervor as it did in 2021?
Source
