Historic Bitcoin Movement: 20,000 BTC Awakes After 14 Years
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Unprecedented Ancient Bitcoin Activity
In an extraordinary occurrence for the Bitcoin network, an impressive 20,000 BTC, which has remained inactive for over 14 years, has been transferred. This significant event has caught the attention of the cryptocurrency community, as analyzed by CryptoQuant community analyst Maartunn in a recent blog post.
Details of the Uncommon Transaction
The transfer was executed in two parts, each involving 10,000 BTC that had not moved since approximately 14.3 years ago. “Such an event has never been recorded in Bitcoin’s entire history,” remarked Maartunn. When these tokens last changed hands in April 2011, their total value was a modest $15,586. Today, their worth has skyrocketed to more than $2.1 billion, representing a staggering profit.
Significance of Coin Days Destroyed (CDD)
One notable impact of this transaction is the spike in the Bitcoin Coin Days Destroyed (CDD) indicator. A ‘coin day’ accumulates when a Bitcoin remains stationary for a day. Upon moving, its coin days are reset to zero, and the accumulated days are considered ‘destroyed.’ This metric is particularly sensitive to movements from long-term holders, who typically possess a substantial number of coin days.
The recent transactions, given their age, have significantly affected the CDD. With over 52 million coin days destroyed per transfer, the total impact on the CDD reached over 104 million coin days, indicating the magnitude of this movement.
Implications for the Bitcoin Market
What do such movements mean for the Bitcoin market? When old coins are moved, selling is often anticipated. However, in this situation, the original holder may not have been a high-conviction investor. Coins reaching such an age often do so because they are forgotten or the keys are lost, suggesting a recent rediscovery rather than a strategic sale.
Bitcoin Price Overview
Currently, Bitcoin has seen a slight pullback, with its price at $107,900. Over the past five days, the price has experienced a sideways trend, reflecting a period of consolidation in the market.
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