After tapping a 24-hour high at $42,592 per unit, the price of bitcoin lost the gains it gathered on Wednesday, sliding more than 5% during Thursday morning’s trading sessions. While crypto prices fluctuated, an unorthodox bitcoin transaction, dated 2010, was sent at 1:45 am (UTC) to move 429 bitcoins worth $16.8million.
Large Sum of ‘Sleeping Bitcoin’ Transferred After More Than 11 Years of Slumber
Crypto prices have been shaky during the last few days amid the Russia-Ukraine conflict and increased pessimism toward the global economy’s future. After falling to the $38,300 range two days ago, bitcoin’s price rebounded on Wednesday, jumping to a high of $42,592 per unit.
However, the bullish sentiment did not last too long and BTC’s value moved back into the $38K territory on Thursday. Although the market was volatile, an old-school whale transferred a substantial amount of bitcoins in 2010.
The transfer, stemming from the bitcoin address “17QBW,” was approximately 489.091 BTC. When the large transaction was completed at block height 726.641 at 1.45 a.m. UTC on March 10, blockchain parser Btcparser.com captured it.
Original transaction that took place 11 years ago on October 28 2010, which resulted in the 429 BTC valued at $16.8million, was derived from an original transaction of $4.8 million. This transaction was derived from 1,000 bitcoin sent by a sender who moved them from one address to the other on October 20, 2010.
Original address from which the 1,000 BTC originated processed an amount (5,111 Bitcoin) between September 6, 2010 – July 12, 2011 of BTC. The 429 BTC spent on March 10, 2022, was originally obtained at the same time the remaining 510.91 BTC was sent to the bitcoin address “1NS7i.” While the owner waited more than a decade to transfer the 429 BTC, the 510.91 BTC was spent two days later on Halloween (October 31, 2010) that year.
There hasn’t been a major awakening of 2010 bitcoins like the 429 BTC transaction in a long while. Bitcoin.com News has been investigating a mega bitcoin whale that has spent tens of thousands of so-called ‘sleeping bitcoins’ and the last time we saw the mega whale was on November 10, 2021. That day BTC hit a record price of $69K and the mega whale that moved 1000 decade-old bitcoins was the highest ever.
While the 429 BTC is not as large as the aforementioned mega whale transfer, it’s much larger than the typical old-school block subsidy transfers that happen to be a single or maybe two blocks. A visual perspective of the outbound transactions stemming from the “17QBW” address shows the possibility that some of the coins processed at 726,641 may have been sent to the trading platform Coinbase.
A few other transactions also show that fractions have been moved to unseen addresses.
What do you think about the 429 so-called ‘sleeping bitcoin’ spent on March 10? Comment below and let us know how you feel about the subject.
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