Throughout the past week, Bitcoin survived in keeping its value above $16,000. From Monday to Thursday Bitcoin’s value remained within the price range of $16,150 to $16,995.
However, the further rally became apparent on 2nd December (Friday), 2022 when Bitcoin was able to go past the $17,000 range.
There had been a lot of activity done with regard to Bitcoin in the past week. The most prominent activities noted were related to old Bitcoins which were lying idle for quite some time.
Bitcoin Whale Sightings
During the week, Bitcoin saw prominent movement in old Bitcoins where owners were seen either transferring or spending their Bitcoins.
This proves that the majority of the old whales are now trying to capitalize on the Bitcoin they had been holding for years.
It is not a good sign for the investors as the whales seem to be losing their confidence and trust in Bitcoin. Thus, they have resorted to selling the BTC that was once in their possession.
According to Heuristics, there were two Bitcoin holders who accessed their stashes and spent 348 BTCs collectively on 29th November 2022.
However, Heuristics cannot say with certainty whether the coins were just moved or that they were spent by the owners.
What is certain is that the activity was carried out from an address that hadn’t been accessed since its creation over six years ago.
As per the Heuristics hypothesis, out of 348 Bitcoins spent, 299 units of Bitcoins were also owned and held by the same person.
First Rare Sighting
As per today’s spot market value of a single unit of Bitcoin, the stash of Bitcoin whale was worth approximately $5.8 Million.
About 48.88 units of Bitcoins were noticeably spent from an address called “17HxA”, which came into being on 29th March 2017.
Subsequently, thereafter a total of four additional Bitcoin transactions were carried out from addresses created in March 2017. From the addresses, approximately 60 BTCs were spent reportedly.
Second Rare Sighting
Similarly, on 29th November 2022, another Bitcoin whale emerged which spent around 174 BTCs as noted by btcparser.com.
These 174 Bitcoins belonged to an address that was also created in 2017 but in the month of June 14th.
Another transaction was later carried out in which approximately spent 100 BTCs. For this transaction, the address used came into being on 12th April 2014.
It may however be noted that on 12th April 2014, a person could buy a single unit of Bitcoin for $500.
It had been around 9 years since the address was used to carry out any Bitcoin transactions until 29th November. The reason why the old whales are selling BTC in their holdings is that they are still in profit.
Nine years back, the trading price of Bitcoin would be in a few hundred. Therefore, even if they are selling it when BTC hits the bottom at $10,000, they will be in profit.
600 Old BTCs Spending
There was one more transaction that came three days later on 2nd December and broke the 29th November old Bitcoins spending record.
It was an address called “1EaAv”, which was created on 26th April 2013, and transacted 600 BTCs on 2nd December 2022.
On 26th April 2013, 600 BTC units would have cost the owner roughly $84,000. As of today, these coins would have been worth more than $10 Million.
Data indicates that Bitcoins spent from 29th November till 2nd December were not worth more than $800,000 since the creation of respective addresses.
Old Bitcoins worth $20 Million Spent Collectively
Nobody can explain the real reason behind the owners collectively spending 1,221.45 BTCs in between 29th November and 2nd December.
Only the owners can explain why it took 5 to 9 years for them to spend their dormant Bitcoins now.
However, it can easily be unveiled that as per today’s market value, 1,221.45 BTCs would cost around $20 Million.
They may be acting in haste on the assumption that Bitcoin is likely to lose its value significantly in near future.