Tue, 4/06/2024 – 15:28
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In a remarkable turn of events, four Bitcoin miner addresses, dormant for more than a decade, have suddenly sprung to life. This activity coincided with Bitcoin’s price surge past the $70,000 mark in Monday’s trading session.
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On-chain analytics platform Lookonchain reported that “After the Bitcoin price broke through $70,000, 4 miner addresses that had been dormant for 11 years transferred 100 $BTC ($7 million) out.”
Bitcoin temporarily surpassed $70,000, reaching a high of $70,295 on June 3, as crypto investment products saw inflows for the fourth straight week amid the recent GameStop frenzy.
Crypto asset inflows totaled $185 million in the week ending May 31, according to a recent CoinShares report. In May, investors invested $2 billion in digital asset investment products, including in Bitcoin exchange-traded funds.
Traders believe that the rise in GameStop shares caused by the Reddit account behind the 2021 meme-stock craze may have also helped the BTC price increase.
According to Lookonchain, these four miner addresses, which had been inactive since 2013, transferred out a total of 100 BTC, valued at approximately $7 million. Each address had previously earned 25 BTC through mining activities in 2013, a time when the digital currency was still in its infancy and the mining rewards were substantially higher.
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The timing of the 25 BTC transfer by each of the wallet addresses is particularly noteworthy. Lookonchain highlighted that one of the miner addresses made its move on March 13, transferring 100 BTC right after Bitcoin breached the $70,000 threshold, suggesting a strategic decision to capitalize on the price peak.
At the time of writing, Bitcoin was up 0.83% in the last 24 hours to $69,812, having stopped short of the $70,000 mark in today’s trading session. The lead cryptocurrency attained highs of $69,997 on Coinbase, just a hair’s breadth away from the golden $70,000 mark.
