Why Did $2 Billion Worth of Inactive Bitcoin Suddenly Transfer?

Bitcoin Mystery: $2 Billion in BTC Moves After Years of Dormancy

A blockchain intelligence firm called Arkham recently raised eyebrows when it noted that $2 billion worth of Bitcoin (BTC) that had been sitting still since 2013 suddenly moved. This stash of 49,858 coins had not budged since 2013, except for one previous movement in 2019. The price of BTC in 2013 went from $13.51 to over $1,000 before closing the year at $754.

According to CoinGecko, BTC is currently priced at $42,544, meaning whoever moved this mystery stash has made significant gains. While “whales” occasionally move their digital investments after years to new addresses, it is unlikely that one person was responsible for this large-scale movement. CryptoQuant, a blockchain firm, speculates that the transfer was done by an exchange or custodian like Coinbase, America’s largest digital asset exchange.

The Biggest Winners and Losers in the Crypto Market

Investors who hold massive cryptocurrency stashes are the biggest winners in the market, according to a report by the Bank for International Settlements. In contrast, those who buy and sell Bitcoin over short periods are more likely to lose out due to its short-term volatility.

Last week, the price of Bitcoin almost reached $49,000 after the historic launch of spot Bitcoin ETFs in the United States. However, despite the excitement surrounding the approval of a Bitcoin ETF by the SEC (which has been sought after by the crypto community for over a decade), it has not significantly impacted the BTC market. Bitcoin is currently down about 40% from its all-time high in November 2021.

Hot Take: The Mysterious Movement of Dormant BTC

The recent movement of $2 billion worth of dormant Bitcoin has sparked curiosity and speculation in the crypto community. While it is unclear who exactly is behind this large-scale transfer, it is evident that significant gains have been made considering the rise in BTC’s price since 2013. The involvement of a major exchange or custodian like Coinbase has been suggested by industry experts.