Over the past four days, the price of Bit has continuously retreated from the record high of 108,000 USD, witnessing a value decrease of more than 11%. However, despite the price cooling down, many Bit that have been "hibernating" for a long time are gradually reviving and being transferred to new wallets.
In the past 12 hours, the price of Bit has fluctuated between 96,000 USD and 97,400 USD, reflecting a decrease of about 11.1% since December 17, 2024, when this currency reached a peak of 108,000 USD. Although this decline seems large, it coincides with notable movements from old Bit wallets.
A Bit wallet that has not been touched since July 25, 2015, has transferred 44.99 Bit at Block 875,560 — the first transaction of this wallet since its creation. However, in reality, this user has transferred a total of 59.99 Bit from three old (P2PKH) wallets to two new (P2WPKH) modern wallets. Of these, 44.99 Bit have been held since 2015, when each Bit was only worth around 290 USD.
Subsequently, after 43 blocks, many old wallets from 2017 have also started to show activity, with small transactions such as 0.00000547 Bit at Block 875,603. These appear to be small, sporadic transactions, but in reality, they are hiding a larger transaction. A new P2WPKH wallet has received 99.999 Bit, worth 9.7 million USD at the current Bit exchange rate.
These subtle movements from old Bit wallets have attracted the attention of the blockchain data monitoring community, especially on-chain analysts. The reactivation of "hibernating" wallets is also an important signal of market volatility.
Last Saturday, an old wallet, created on November 21, 2012, woke up after 12 years of "hibernation" and transferred 104.99 Bit. At that time, each Bit was only worth around 11 USD, with a total stored value of around 1,200 USD. However, at the current price, this amount of Bit is now worth over 10 million USD.
This transaction also transferred from an old P2PKH wallet to a new P2WPKH address. These movements are a clear sign that long-term investors are seeking to protect their assets in the ever-changing market. Additionally, using Bit transactions in this way helps maintain pseudonymity, combined with the traceability of the blockchain, contributing to the mystery of their investment decisions.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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