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Bitcoin

20,000 Bitcoin Moved After 14-Year Silence: First In History

Keshav Verma
by Keshav Verma
2 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a first for the Bitcoin network, 20,000 BTC dormant since 14 years has suddenly moved. Here’s how much profit was involved in the transaction.

A Significant Amount Of Ancient Bitcoin Has Just Been Transferred

As explained by CryptoQuant community analyst Maartunn in a new post on X, there have been a couple of unprecedented transactions on the Bitcoin blockchain.

Related Reading: Bitcoin Pattern Breaks: Price Near ATH, But HODLers Still Not Selling

The transfers in question involved the movement of 20,000 BTC in two batches (that is, 10,000 tokens in each move) sitting dormant since 14.3 years ago. “This is never before witnessed in Bitcoin’s entire history,” notes Maartunn.

Bitcoin Spent Output Age Bands

The data of the transfers older than 10 years | Source: @JA_Maartun on X

When the tokens involved in these moves were last transacted in April 2011, they were worth a total of $15,586. Today, they are worth upwards of $2.1 billion.

Bitcoin SOAB USD

The size of the transfers in USD terms | Source: @JA_Maartun on X

This naturally suggests that with the move, the owner of the tokens has harvested an extraordinary amount of profit. More specifically, the move has realized a gain of almost 13.8 million percent.

An indicator that has registered a notable spike because of the dormancy-breaking transactions is the Bitcoin Coin Days Destroyed (CDD). A ‘coin day’ is a quantity that one token of the asset accumulates after being still on the blockchain for one day.

When a coin that has been dormant for some number of days is moved, its coin days counter resets back to zero and the coin days that it had been carrying are said to be ‘destroyed.’ The CDD measures the total number of coin days being reset in this manner across the network.

Naturally, the CDD is particularly sensitive to moves from the diamond hands of the Bitcoin market, as their tokens tend to carry a large number of coin days. The 20,000 BTC transactions from today are quite ancient, so it’s to be expected that they would register on the indicator.

Bitcoin cdd

Looks like the value of the metric has shot up during the past day | Source: @JA_Maartun on X

And indeed, as the chart for the metric displays, each of the two 10,000 BTC transfers involved the destruction of more than 52 million coin days. Thus, collectively, the moves have caused the CDD to reach over 104 million coin days.

Now, what could these moves mean for the Bitcoin market? Generally, when such ancient coins move, the motive is likely to be selling. In this particular case, however, the investor involved may not be a high-conviction holder. This is because coins that reach such an old age usually get there by becoming lost, either due to their existence being forgotten or having their keys misplaced.

Related Reading: Bitcoin Active Supply Down 17%: Here’s What Followed Last Time

As such, it’s probable that the tokens have only recently been rediscovered. Selling from holders carrying coins from a few years ago can be a sign of conviction breaking in the sector, but this particular move may not be it.

BTC Price

Bitcoin has retraced some of its latest recovery as its price has pulled back down to $107,900.

Bitcoin Price Chart

The price of the coin has overall moved sideways over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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