On Friday, September 20, five Satoshi era Bitcoin (BTC) miner wallets that had remained dormant for more than 15.5 years have started transferring BTC. Moreover, nearly $16 million worth of BTC is on the move as the flagship crypto’s price inches closer to the $64,000 mark.
Bitcoin Miners Selling BTC?
These Bitcoin miner wallets received 50 BTC per block as mining rewards in 2009, according to Lookonchain, an on-chain tracking firm. They collectively moved 250 BTC within the past few hours. This movement was worth approximately $15.9 million.
The sudden activity has sparked intrigue within the crypto community, as these wallets have been inactive since BTC’s early days. The miners originally earned 50 BTC ($3.18 million today) per block mined, back when Bitcoin was still in its infancy and largely under the radar. Moreover, at the time the block rewards were higher as the first Halving event happened years later in 2012.
Please note that many miner wallets dormant for more than 15.5 years are transferring $BTC!
5 miner wallets have transferred 250 $BTC($15.9M) in the past hour.
These wallets received 50 $BTC($3.18M) as mining rewards per block back in 2009.
Address:… pic.twitter.com/HktJivt7Qy
— Lookonchain (@lookonchain) September 20, 2024
The reasons behind this transfer remain unclear, raising questions about whether these coins are being liquidated or simply relocated to different addresses. However, the market observers are concerned about a potential selloff as these miners could capitalize on the surging BTC price. In such a case, the post-FOMC rally could come to a halt.
BTC Price Action
The BTC price gained 1.97% to $63,607.42 at the time of writing on Friday. However, the 24-hour chart showed a declining trend after the peak at $64,059, possibly due to a sell pressure. This rally is induced by the 50 bps Federal Reserve rate cut.
Hence, as the optimism wanes and the market goes into the profit-taking mode, Bitcoin could struggle significantly. However, according to Coinglass, short liquidations have surged to $13.32 million in the last 24 hours as short traders buy back their positions to minimize losses. These liquidations could offer the much-needed boost to BTC in the short-term.
Also Read:Â Spot Bitcoin ETFs Cross $150M in Net Inflows on September 19, 2024, ET
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