$2B in dormant Bitcoin (BTC) moved after 5 years: Arkham

January 16, 2024 CryptoExpert Market Analysis
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$2B in dormant Bitcoin (BTC) moved after 5 years: Arkham
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According to Arkham Intelligence, $2 billion in dormant Bitcoin (BTC) has moved for the first time in five years.
What next for Bitcoin as Grayscale also moves 9,000 BTC to a crypto exchange?

Arkham Intelligence has reported the movement of $2 billion worth of dormant Bitcoin (BTC) – also just before the US markets opened today. It’s the first time these coins have moved since 2019.

“$2 BILLION of dormant Bitcoin moved just before the US market opened today, across several linked addresses. The BTC had moved once in 2019, and before that had been dormant since 2013. Historically these Bitcoins have all moved at the same times and dates. They were consolidated today from 49 addresses into 5 new addresses, each now holding between 8K-12K BTC ($380M-$480M per address),” the blockchain security and market intelligence platform posted on X.

Arkham’s report came as BTC battled sell pressure amid the latest movement of Bitcoin linked to Grayscale, the company behind the Bitcoin Trust (GBTC) fund. Grayscale reportedly moved 9,000 BTC worth over $385 million on Tuesday.

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The company’s BTC transfers occurred in several batches of 1,000 coins each and totaled over $385 million. Blockchain sleuth Lookonchain noted that Grayscale sent the Coins to Coinbase Prime.

Last week, wallets linked to Grayscale transferred 4K bitcoins to the exchange, per data Lookonchain shared on Friday January 12. These BTC movements have come as outflows from GBTC hit the market following the SEC’s approval of spot Bitcoin ETFs. 

Bitcoin price was poised at $43,071 early afternoon. Are these BTC movements set to inject new sell pressure on the benchmark crypto?

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