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According to Maartunn, a community analyst at on-chain data platform CryptoQuant, 7,626 BTC from after the Satoshi Era, which refers to the period since 2011, when Bitcoin's pseudonymous creator, Satoshi Nakamoto, was last active in the crypto community, has been activated.
In a tweet, Maartunn reported that 7,626 BTC aged between three and five years just moved on-chain. This age band suggests that the said BTC was acquired between 2020 and 2022, when the Bitcoin price traded at four figures and less than $20,000.
The move on-chain might be due to reasons including a shift to a more secure wallet, which might be the case as blockchain data tracker Whale Alert reported a similar move of 7,625 BTC worth $859,861,898 transferred from Coinbase to an unknown new wallet. Another reason might be that the owners of the coins decided it was time to sell, given that the holdings have ballooned in gains.
This week has seen the activation of old Bitcoin from dormant wallets. On Sept. 4, Whale Alert reported that a dormant address containing 479 BTC worth $53,683,598 was activated after 12.8 years.
Bitcoin price
Bitcoin was trading up 1.09% in the last 24 hours to $112,241 and up 2.41% weekly. Weaker jobs data release on Thursday had raised concerns about a labor market slowdown. Private payrolls increased by just 54,000 in August, below the expected 75,000, a drop from the gain of 106,000 seen in the prior month.
Jobless claims rose to 237,000, up 8,000 from the prior week and above estimates, hinting at further evidence of labor market slowdown.
Today, Friday, the market waits in anticipation of a major job release, while betting on a potential rate cut in September.
Bitcoin continues to trade between $104,000 and $116,000, hinting at caution given September's historical bearish trend. According to Glassnode, the URPD indicator shows that investors accumulated Bitcoin in the range of $108,000 to $116,000, filling an earlier air gap. While this is positive as it reflects constructive dip-buying at the least, it however, does not rule out further selling.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team