- According to Arkham Intelligence, $2 billion of dormant Bitcoin (BTC) has moved for the first time in five years.
- Grayscale also moves 9,000 BTC to cryptocurrency exchanges, so what’s next for Bitcoin?
Arkham Intelligence reported the movement of $2 billion worth of dormant Bitcoin (BTC) just before US markets opened today. This is the first time these coins have moved since 2019.
“Just before US markets opened today, $2 billion of dormant Bitcoin moved through several linked addresses. BTC moved once in 2019 and prior to that it had been dormant since 2013. Historically, these Bitcoins all moved around the same time and date. Today, 49 addresses were merged into 5 new addresses, each currently holding 8K-12K BTC ($380M-$480M per address).,” published on X, a blockchain security and market intelligence platform.
Just before US markets opened today, $2 billion worth of dormant Bitcoin moved through several linked addresses.
BTC moved once in 2019 and prior to that it had been dormant since 2013. pic.twitter.com/xD4frjzQuP
— Arkham (@ArkhamIntel) January 16, 2024
Arkham’s report comes as BTC battles selling pressure amid recent moves in Bitcoin linked to Grayscale, the company behind the Bitcoin Trust (GBTC) fund. Grayscale reportedly moved 9,000 BTC, worth over $385 million, on Tuesday.
9000 BTC ($385M) was moved from Grayscale wallets in the last hour https://t.co/K7P3NmGZFH pic.twitter.com/MUpy3kGkoq
— Arkham (@ArkhamIntel) January 16, 2024
The company’s BTC transfer consisted of multiple batches of 1,000 coins each, totaling over $385 million. Blockchain Detective Lookonchain famous Grayscale sent the coins to Coinbase Prime.
Wallets linked to Grayscale last week transferred According to data shared by Lookonchain on Friday, January 12, 4K Bitcoin will be available on exchanges. These BTC moves occurred as outflows from GBTC hit the market following the SEC’s approval of a spot Bitcoin ETF.
Bitcoin price was at $43,071 in the early afternoon. Are these BTC moves set to put new selling pressure on the benchmark cryptocurrency?