791 Bitcoins (BTC) are stretching their legs after sitting still for over 9 years. Could even the oldest HODlers be deserting the markets before Bitcoin collapses for good?
A $26 Million Resurrection
Sleeping Beauty is awakening from her long slumber. 791 BTC that have not moved in 9 years were recently moved.
These Bitcoins were resting peacefully in an active address in 2012. The price of Bitcoin then ranged from $5 to $15. The 791 BTC are worth about $26 million at the time of writing. They would not a priori come from block rewards. The address also contains the Bitcoin Cash (BCH) received during the hard fork.
Most of the Bitcoins moved recently were transferred to a previously unused address, about 100 BTC were sent to addresses that could belong to an exchange. 9.99 BTC were sent to the Free software foundation and another 9.99 to the American institute for economic research.
Crash in sight or not on Reddit
While most Bitcoins that have remained immobile for so long, are usually considered lost forever due to, for example, a loss of the wallet’s private keys, the owner of these 791 BTCs is finally one of the exceptions, and will therefore not be eligible to participate in this reality show dedicated to cryptocurrency losers.
Redditors commented on the news. The main question was whether this particular move presaged a Bitcoin crash.
One redditor points out that it is “only” $26 million, and that would not be enough in his opinion, to cause a market crash. For another, “BTC could still ‘crash'”. He attacks the BTC/USDT pair, which he calls a Ponzi scheme doomed to collapse, and which would have “artificially and grossly inflated the price of BTC from nothing”.
The bulls are said to be preparing for the next bullish phase at the $30,000 level. No one really knows the true motivations of the owner of these 791 BTC. Are they going to sell them to finally profit or is he just reorganizing his portfolio? The only certainty we can have is that the past has proven that HODler of Bitcoin is largely profitable.