When the owners purchased the coins in June 2011, they did so for about $2,250; however, the current value of the deposit is approximately $3.5 million. Analysts consider the coin “ancient” having been acquired at least seven years ago.
The first half of the year has seen a significant increase in activity around this so-called “ancient Bitcoin”. Since the start of 2023, 3,200 coins have awakened from their slumber, 1,100 of which date back to 2013. A $9.6 million worth of 412 Bitcoin transactions were recently completed using an address from the Satoshi era.
It is common practice to view any movement of coins from old wallets as a negative indication. It is possible to conclude that the owners are transferring bitcoins in exchange to be ready to sell them for huge profits. A sale of this size can have a large impact on the price of Bitcoin in the market. Nonetheless, Bitcoin investors sometimes transfer their ownership to a different address to make it more secure.
After 155 days, the chances of Bitcoin holders selling their cryptocurrency diminish, according to analysts working for Glassnode. IntoTheBlock statistics show that 69 percent of Bitcoin addresses have reached a point where their weighted average retention period is significantly more than one year.
A recent poll also found that the total number of Bitcoins held for long periods of time is growing by 100,000 every month. On May 12, the bitcoin price hit a multi-month low of $25,850; however, since then, it has recovered to a price of $27,450 to start the week on May 15th.