Bitcoin's Sleeping Giant Awakens: $1.35B Moved After Decade

On Monday, a significant amount of Bitcoin (BTC) that had been dormant for up to a decade suddenly moved from its original wallet. According to blockchain analytics firm CryptoQuant, approximately 14,000 BTC, valued at around $1.35 billion at the time of the transaction, was transferred to new wallets.

The BTC was not moved to any exchanges, suggesting that the entity behind the transaction is not planning to sell their coins immediately. This kind of movement does not necessarily indicate a drop in Bitcoin's price. Historically, similar cases have occurred without always leading to a price decline. However, it is important to note that the average acquisition price of these coins is quite low, which could influence the holders' future decisions regarding potential sales.

CryptoQuant CEO Ki Young Ju recently stated that the Bitcoin bull market still had legs and was unlikely to reach its peak until demand for ETFs tapered off. He noted that the buying engine for paper Bitcoins was still running, and there was no need to rush calling the cyclical top until ETFs, MSTR (MicroStrategy), and institutional buying slowed down.