Bitcoin was trading close to $33,00 over the past couple of days. This low value of the digital asset could have pushed a dormant Bitcoin wallet to be activated. According to the tracker of large transactions on Twitter, Whale Alert the wallet has been activated after 9.1 years.
— Whale Alert (@whale_alert) July 12, 2021
The address contains 791 BTC which was worth $26.14 million, at the current value of the digital asset.
This trend Satoshi-era Bitcoin movement was first noted in November 2020 when 50 coins worth over $700,000 at the time were moved to a single address. These coins were untouched since 2010. Shortly after this, over $30 million was “awakened” in four transactions.
Similarly, in February and March 2021, nearly 5,000 BTC and 2,000 BTC were activated from another Satoshi-era wallet.
The decision behind why they were moved is unknown, but the notable factor has remained the price of the digital asset.
“Satoshi era” Bitcoin is referred those coins mined when the creator of Bitcoin, Satoshi Nakamoto was still communicating with the crypto world. However, no one has heard from Satoshi Nakamoto since his last message (although there were many claiming to be him *cough* Craig Wright *cough*)
Although the activation may not have a direct impact on the value of Bitcoin, the exchange rate will definitely fluctuate. At the time of press, the BTC market was already shaking with selling pressure as it once again lost support at $32,954 and was trending lower at $32,740.
If the current “awakened” wallet’s owner decides to sell BTC at the current price, the impact can be felt by short-term holders.