- On August 28 and 29, the movement of 1000 BTC that were mined 7 or 10 years ago was recorded.
- JA Maartun, an analyst at CryptoQuant pointed out that throughout 2022 there have been four movements of bitcoins mined more than seven years ago, causing the price of BTC to go back every time a movement was presented.
- That a number of BTC from the Satoshi Nakamoto era are moving indicates that great whales and hodlers older ones are being activated and could affect the price of the asset.
In 2009 the first Bitcoin block was mined. From that day until today, more than 90% of the BTC that will exist have been mined and of the millions of bitcoins that are in the market, there is a particular group that draws the attention of crypto enthusiasts, the Bitcoins belonging to the era of Satoshi Nakamoto.
These Bitcoin are those that were mined between 2009 and 2010, and they attract attention not only because they are among the first BTC to exist, but also because some consider that they could belong to the legendary creator of Bitcoin, who is estimated to have 1 million BTC in your possession.
However, whatthat a number of BTC from the Satoshi Nakamoto era move alerts the market beyond the fact that it may be because the creator of Bitcoin is active, this iindicates that large whales and hodlers older ones are being activated and could affect the price of the asset.
That is why the recent movements where 1000 BTC that were mined 7 or 10 years ago moved on August 28 and 29, has alerted crypto traders.
BTC from the Satoshi Nakamoto era move the market
How have old Bitcoin movements affected the market? When an investor decides to do hodl of your assets means that you are betting on the long-term performance of the asset, so when a whale from the Satoshi era moves for some it can be an indicator that the market is not at its best.
J. A. MaartunCryptoQuant analyst pointed out that throughout 2022 there have been four movements of bitcoins mined more than seven years ago, causing the price of BTC to go back every time a movement was presented.
According to Maartun on March 29, 10,328 BTC moved when the price of BTC was at $47,700, this formed a local high, which resulted in a pullback.
The second movement occurred on May 13 when 2,800 BTC was moved during a capitulation, at which point the price oscillated for a month and then fell again. Let us also remember that it was in May when the crypto Crash was presented due to the collapse of the Terra stablecoin and the LUNA cryptocurrency.
The third move came on July 20 when 1,105 BTC moved. At that time the price of BTC was around $23 thousand dollars, however it fell back 10% before rising again.
The last registered movement was on August 28 where 5,000 BTC were moved and the next day another 500 BTC moved according to the data tracker of LookIntoBitcoin showed another 5,000 BTC being transferred again.
Is a new fall coming?
Maartun noted that it will be interesting to see how the market moves after these BTCs have been transferred, movements as the price is relatively low in the current range, plus this time, unlike previous transactions, the assets are not they were sent to exchanges.
“From this point, it is difficult to say what impact it will have on the market. Definitely not a bullish sign but not sure if we will see more declines or just consolidation similar to May.” the analyst closed.
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