Dormant Bitcoin from 2023 Moves for the First Time in 11 Years
A set of Bitcoin that has been inactive since 2023 recently moved, marking the first time in 11 years that these dormant funds have been accessed. The value of these Bitcoin has increased by over 240,000% since they went inactive. It is unclear whether these funds belong to a single entity or multiple entities, as they came from different addresses. However, data analysis suggests that it is likely a single entity.
The Transactions and Acquisition Timelines
The first transaction involved the movement of 199.99 BTC worth over $5.4 million, followed by a transaction of 185.12 BTC worth over $5 million. These transactions were made from different wallet addresses but acquired the funds on February 14, 2012. Another tranche of 97.41 BTC worth $2.6 million was secured in July 2012 when Bitcoin was priced at $7.15. Subsequent transactions involved the movement of 276.22 BTC worth over $7.48 million and 151.15 BTC worth over $4 million.
Other Dormant BTC Whales
These recent transactions coincide with other dormant BTC whales moving significant amounts of funds.
FTX Receives Approval to Sell and Invest Cryptocurrency Holdings
Cryptocurrency exchange FTX has received approval from the U.S. Bankruptcy Court for the District of Delaware to sell and invest its cryptocurrency holdings, valued at over $3 billion, in order to settle its debt with creditors. This has led some analysts to believe that the funds will be dumped on the market.
Judge John Dorsey granted permission for FTX to trade, stake, and hedge its digital assets, despite earlier concerns. FTX’s cryptocurrency assets are estimated to be worth over $3.4 billion. The motion was supported by an attorney representing FTX’s ad hoc committee of customers, while a representative for the unsecured creditors expressed a desire to fast-track the procedure.
Hot Take: Dormant Bitcoin Movement Raises Questions
The recent movement of dormant Bitcoin from 2023 after 11 years has sparked curiosity and speculation in the crypto community. The significant increase in value during this period has raised questions about the motives behind accessing these funds. Additionally, the simultaneous movement of other dormant BTC whales adds to the intrigue. Furthermore, the approval granted to FTX to sell and invest its cryptocurrency holdings has prompted discussions about potential market impact. As these events unfold, it will be interesting to observe how they shape the crypto landscape.
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