💤 💤 💤 💤 💤 💤 A dormant address containing 749 (53,227,433 USD) has just been activated after 12.0 years (worth 7,974 USD in 2012)! — Whale Alert (@whale_alert)
Details Of The Moved Millions
Data from on-chain monitoring platform Mempool, shows that the recent transaction was conducted at 7:28 a.m. UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to the sender’s address, labeled as “change” by blockchain analytics firm Blockchair. The remaining 35 BTC, or $2.4 million, was transferred to an unknown address. Details surrounding the wallet’s owner and their intentions remain unidentified, leaving the crypto community speculating on the motive behind the transaction and the identity of the long-term Bitcoin holder.However, the timing of the awakening of this dormant wallet is quite noteworthy. It comes at a time when Bitcoin has been seeing consistent increases in price in recent weeks. Particularly, the asset has finally broken above the $70,000 resistance with a current trading price of $72,638 up by 5.3% in the past day.
Although the reason behind this wallet move of its BTC isn’t certain, reactivating wallets like this one especially as Bitcoin continues to surge in price might indicate shifts in holders’ strategies, driven by favorable market conditions or other personal financial objectives.
Bitcoin Onchain Performance
Awakening of wallet aside, Bitcoin has been seeing quite an interesting and positive trend behind the scenes, especially regarding on-chain metrics. So far, analysts have highlighted several BTC metrics that are now flashing a positive momentum for the asset, suggesting further price increases.Historically, purchasing Bitcoin during a Hash Ribbons signal has aligned with strong long-term returns. Recently, we saw another signal following the major one this past summer.
Another metric suggesting price increase for Bitcoin highlighted by a CryptoQuant analyst named BinhDang is the Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in a recent , this metric has bottomed to levels not seen in 2022. A move that preceded a rally.
Notably, the Stablecoin Supply Ratio Oscillator provides insights into Bitcoin market demand by analyzing Bitcoin’s market cap against that of major stablecoins.The oscillator measures the extent to which stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin and thus signal purchasing interest. A low value of the metric signals more stablecoins are being converted to Bitcoin, therefore suggesting increasing demand.
Featured image created with DALL-E, Chart from TradingView