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Nearly $2 billion in dormant Bitcoin moves after five years (Cryptoslate)

Quick Take

The digital asset market has seen a remarkable event as approximately $1.9 billion worth of Bitcoin – about 44,800 BTC – has surged back into circulation after a dormant period of over five years.

The transactions happened around 1:30 GMT, even before the US market opened. It is important to note the historical context of such a surge. The last significant revival occurred in Feb. 2022, when roughly 95,000 BTC returned to circulation. Coincidentally, 2022 wasn’t a prosperous year for Bitcoin; the value plummeted from $46,000 to a mere $15,500.

The revival of previously dormant coins may trigger shifts in the digital asset market, given their sizeable value. However, it remains to be seen how this reintroduction of dormant Bitcoin will impact the dynamics of the digital asset ecosystem.

As highlighted by Arkham Intelligence, it appears this may be the consolidation of Bitcoin from 49 separate addresses into 5 new wallets.

Revived Supply 5+ Years: (Source: Glassnode)Revived Supply 5+ Years: (Source: Glassnode)

The post Nearly $2 billion in dormant Bitcoin moves after five years appeared first on CryptoSlate.

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