Bitcoin hit a record high on March 5, surpassing $69k, marking a dramatic comeback for crypto assets following a rough stretch of over two years. The rally saw bitcoin, the world’s largest crypto by market cap, last up 14.5% to $69,170 on 5 March, as reported by ZyCrypto. That surpassed its previous peak at $68,990.90, set on November 10, 2021. Bitcoin’s price has surged 48% year to date and has risen 187% over the past 12 months.
Dormant Bitcoin Moved After Over 10 Years
As pointed out by CryptoQuant Netherlands community manager Maartunn in a post on X, the BTC network has just witnessed the movement of coins that have been dormant for 10+ years, including a significant transfer by a Bitcoin whale who moved 1,000 BTC, worth approximately $67 million, that had been dormant for over a decade. This movement comes when Bitcoin is experiencing a surge in price, recently hitting a new all-time high (ATH).
The movement of these long-dormant coins was detected through the “Spent Output Age Bands” (SOAB) indicator, which tracks the total amount of coins from various age bands being moved across the blockchain. The 10+ years age band, which includes coins that have been dormant for over a decade, saw a significant spike in activity, indicating the movement of these 1,000 BTC.
Recently, Maartunn also shared a post on X about another historic movement involving a whale, in which double the number of coins were transferred compared to the most recent event: 2,000 BTC.
There are several possible reasons behind this significant transfer. One possibility is that the coins’ owners may have rediscovered their access keys after years of dormancy, leading them to move the coins. Another possibility is that the owner may have decided to sell the coins after holding them for a long time.
Market Impact and Bitcoin’s Price Surge
The timing of this movement is noteworthy, as Bitcoin recently reached a new all-time high, surpassing its previous peak. The cryptocurrency is trading around the $67,609 level, up 8.10% over the past week. Movements of such large amounts of Bitcoin, especially those that have been dormant for so long, can significantly impact the market, potentially affecting the price of Bitcoin and other cryptocurrencies.
The substantial movement of 1,000 BTC dormant for over 10 years is a significant event in the cryptocurrency world. It underscores the importance of security and access to crypto assets and the potential impact of such movements on the market. As Bitcoin continues to rise in value, traders and market watchers will be closely monitoring for any further developments.