In a surprising turn of events, the crypto world saw the movement of $2 billion in Bitcoin, which had been dormant since 2019.
This significant transfer has sparked debate among members of the cryptocurrency community, raising questions about the reasons for the sudden activity.
Dormant Bitcoins, which had been untouched since 2019 and inactive since 2013, experienced a sudden revival today, just before the opening of US markets.
This substantial sum, which was consolidated from 49 addresses into 5, each holding $380 million to $480 million in Bitcoin, has sparked speculation in the crypto community.
The synchronized nature of Bitcoin transfers adds to the appeal of this movement. The coins have a history of moving together, and the recent consolidation is no exception.
The simultaneous shift of these dormant Bitcoins adds an element of mystery to the unfolding scenario.
Adding to the intrigue, Arkham Intelligence reports shed light on Grayscale’s recent market activities. Grayscale, a prominent institutional player, transferred 9,000 BTC worth $385 million to Coinbase Prime.
This move is consistent with Grayscale’s transfer of another 4,000 BTC to the exchange last week, according to lookonchain.
These substantial Bitcoin transfers coincide with outflows from the Grayscale Bitcoin Trust (GBTC) following the Securities and Exchange Commission’s recent approval of spot Bitcoin ETFs.
Bitcoin’s current price is $43,071, and the combined impact of these movements raises concerns about possible market selling pressure on Bitcoin.
