Total3, an index that tracks the market capitalization of the top 125 cryptocurrencies, excluding bitcoin and ether (ETH), was trading 5.68% higher since the central bank’s announcement that it would slash the Federal Funds rate by 50 basis points, according to data on TradingView. Bitcoin’s market cap, by contrast, rose only 4.4%.

Data from crypto monitoring services reveals that five Satoshi-Era wallets, inactive since 2009, have transferred a total of 250 Bitcoin, valued at approximately $15.9 million. Each wallet had originally accumulated 50 BTC as block rewards, a common practice in the early days of Bitcoin when mining difficulty was significantly lower. The reactivation of these wallets has raised questions about their impact on current market dynamics.

2009 Bitcoin Wallets Active Again: Market Ripple or Surge?

Recent activity in long-dormant Bitcoin wallets has captured the attention of the cryptocurrency community. Whale Alert and other blockchain analysis tools have reported that a group of five wallets, each containing funds mined in the early days of Bitcoin, have become active after more than a decade of inactivity. 

These wallets, holding 250 BTC collectively, transferred these funds in a series of transactions within just an hour. Each wallet received 50 BTC as mining rewards per block back in 2009, showcasing the foundational days of Bitcoin’s blockchain technology.

Additionally, this month has seen multiple instances of dormant BTC wallets becoming active. Notably, one wallet containing 43 BTC, worth over $2.5 million at the time, activated after nearly 11 years. Last week, four additional wallets were activated, with one containing BTC valued at $10.5 million during the activation, highlighting a trend of reawakening among Satoshi-era assets.

The sudden movement of these BTC whales has prompted speculation about the owners’ identities and their reasons for activating now. This event coincides with a significant surge in BTC price, which briefly topped $64,000, its highest mark since late August. 

There is no direct evidence linking the activation of these wallets to the recent cryptocurrency price increase. However, past patterns suggest that movements from historic wallets can influence market perceptions and investor behavior due to the large amounts of BTC involved.

Analyzing Market Trends: Ali’s Technical Perspective

Chart analyst Ali has noted that Bitcoin is once again testing the 200-day SMA, a critical technical indicator often associated with determining long-term market trends. Ali notes that historical patterns show that failing to reclaim this level has previously led to significant corrections in Bitcoin price, as observed in 2020, 2018, and 2014. 

Ali advises investors to monitor this technical threshold closely. A successful breach above the 200-day SMA might solidify a bullish outlook for Bitcoin. He however warns that a rejection at this level could signal trouble for BTC Price.

The activation of these Satoshi-era wallets might play a role in either boosting the bullish sentiment or triggering cautious pullbacks among investors.

At press time, Bitcoin price is trading at $63,379.74, marking a 9.20% increase over the past seven days. The cryptocurrency’s trading volume has also surged, reaching $41.87 billion in the last 24 hours.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.