Someone just made a massive profit. 20,000 Bitcoin, untouched for 14 years, has suddenly been moved. This is a first in Bitcoin history!
Ancient Bitcoin Awakens
Crypto analyst Maartunn reported two huge Bitcoin transactions. A total of 20,000 BTC (two batches of 10,000) that had been dormant since April 2011 were moved. That’s over a decade of inactivity!
Back in 2011, those 20,000 BTC were worth a measly $15,586. Today? They’re worth over $2.1 billion! That’s a return of almost 13,800,000%!
What’s Coin Days Destroyed (CDD)?
The “Coin Days Destroyed” (CDD) metric spiked because of these moves. A “coin day” is simply one Bitcoin held for one day. When old Bitcoin moves, its coin days are “destroyed” (reset to zero). The CDD tracks the total number of coin days destroyed across the network. Since these were incredibly old coins, the CDD saw a huge jump – over 104 million coin days!
What Does It All Mean?
Usually, when super-old Bitcoin moves, it means someone’s selling. But this might be different. Bitcoin held for that long often gets lost – people forget about it or lose their keys. It’s possible these coins were just rediscovered.
While selling older Bitcoin can signal a lack of confidence in the market, this situation might be an exception. It’s more likely a case of lost coins being found rather than a large-scale sell-off.
Bitcoin Price Update
After a recent price surge, Bitcoin has slightly pulled back, currently trading around $107,900.