New Bitcoin Price High Has Big Whale Wallets Active
Date: 2024-11-07 Author: Henry Casey Categories: CRYPTO PAYMENTS
On November 6, Bitcoin (BTC) updated its price maximum three times in one day, ending trading above the $76,000 mark. This growth caused large-scale movements in the market, including transactions with so-called “sleeping” wallets that have remained inactive for a long time. For example, one user transferred 156.0801 BTC from a wallet that had not been used since its creation on July 29, 2017, when the Bitcoin rate was only $2,726. At the time, the coins were worth around $425,474, but are now valued at around $11.6 million.
Blockchair, a privacy rating service for transactions, gave the transfer a score of 50 out of 100. The report states that the privacy score was limited by software design and the reuse of an address in the transaction input.
In addition to the 2017 wallet, another long-inactive address registered back in 2013 has resurfaced on the market. This wallet, which has not been active since March 14, 2013, transferred 109.44 BTC. All transactions were conducted using separate transactions that were confirmed in a single block, with the privacy of the transfers rated at 45 out of 100. It is believed that the funds may have been transferred from an outdated wallet to a new Pay-to-Script-Hash (P2SH) address.
With the price of Bitcoin continuing to rise, owners holding large amounts of BTC are likely to be reconsidering their investment strategies. Increased interest in selling some of their assets could further revive the market, especially given the current supply shortage.
