As crypto prices fluctuated, an unusual bitcoin transaction from 2010 was transferred at 1.45 a.m. UTC, moving 429 bitcoin valued $16.8million.
After more than 11 years of slumber, large sum of 'Sleeping Bitcoin" was transferred
The Russia-Ukraine conflict has caused crypto prices to fall and fueled increased concern about the future of the global economy. The bitcoin price fell to $38,300 two days ago and then rebounded to $42,592 per unit on Wednesday.
The bullish sentiment didn't last long, and Bitcoin's price moved back to the $38K mark on Thursday. Although the market was volatile, an old-school whale transferred a large amount of bitcoins in 2010.
The transaction was initiated by the bitcoin address 17QBW and was approximately 489.091 BTC. The large transaction was captured by the Blockchain Parser . It was processed at block height 726.641 at 1:45 AM (UTC) March 10.
Original transaction that took place 11 years ago and was completed four months ago on October 28, 2010, produced the 429 BTC, which is worth $16.8million. The transaction was derived from a sender who held 1,000 bitcoins that were moved from one location to another on October 20, 2010.
The original address where the 1,000 BTC was sent came from . It processed a number (5.111 bitcoin) of BTC in the period September 6, 2010 to July 12, 2011. The original address that the 1,000 aBTC came from was a processed 510.91 BTC between September 6, 2010 and July 12, 2011.
In a while, there hasn't been an explosion of 2010 bitcoins such as the 429 Bitcoin transaction. Bitcoin.com News investigated a huge bitcoin whale that had spent tens or thousands of "sleeping Bitcoins" and the last time the mega whale was November 10, 2021. BTC hit a record price of $69K per unit that day. That mega whale also moved 1,000 years-old bitcoins.
Although the 429 transfer is smaller than the mega whale transfer, it is still much larger than traditional block subsidy transfers which are only one or two blocks in size. An illustration of the outbound transactions originating from the "17QBW” address. It is possible that some coins processed at 726 641 might have been sent to Coinbase.
Numerous transactions also show that fractions of the coins were transferred to unknown addresses. None of these addresses were Segwit-based (Bech32), as the two largest outputs were sent legacy addresses.