According to data, several longtime holders have recently reactivated wallets containing hundreds of bitcoins for the first time in years. One inactive address, created on April 1, 2013, transferred 126.65 BTC valued at .63 million, marking its first transaction in over 11 years. Hundreds and Notably a 1,000 Stack of Vintage Bitcoin Transferred From Idle […]
Bitcoin News
1,210 ‘Sleeping Bitcoins’ From 2016 Stir After Years of Inactivity, Following Previous Day’s Mysterious Movements
On the final day of January 2024, a series of nine enigmatic transactions emerged from wallets established in 2016. Subsequently, another tranche of 15 transactions from wallets created on that same day in 2016 moved a total of 1,210.41 bitcoin, valued at million. This marked the first movement of these funds in almost eight years.
After the 9 Enigmatic Transactions 2 Days Ago, the Same 2016 Whale Moves a Tranche of Bitcoins Worth Million
In the last three days, an entity that accumulated a significant amount of bitcoins in 2016 has chosen to transfer these assets for the first time in several years. On Feb. 1, 2023, Bitcoin.com News covered the activity of a 2016 whale, highlighting the transfer of 726 BTC across nine separate bitcoin wallets, with each transaction involving slightly more than 80 BTC.
Merely two days following this event, the same individual or entity made another move, this time transferring 1,210.41 BTC worth million (1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15). Initially valued at 2,102 when the wallets were established on March 30, 2016, the funds followed a pattern similar to the Jan. 31 transactions, with each of the user’s 15 transfers slightly exceeding 80 BTC.
The breakdown of these transactions saw three executed at block height 828,477, followed by a single transaction confirmed at 828,478. Another trio of transfers was authenticated at 828,479, with an additional single transaction verified at block height 828,481.
Subsequent to these, one transfer was confirmed at block height 828,482, and three others took place at 828,494. Another solo transaction was confirmed at block 828,497, with the final duo of transactions occurring at block height 828,498.
All 15 transfers were discovered by the blockchain parsing tool btcparser.com. Mirroring the transfers from Wednesday, these transactions recieved a privacy score of 55 out of 100, according to Blockchair’s privacy meter. Furthermore, the corresponding 1,210.41 bitcoin cash (BCH), also possessed by the entity, remains untouched.
Additionally, the wallets, which were Pay to Public Key Hash (P2PKH) addresses, simply moved their contents to alternative P2PKH legacy addresses after their initial activity. The reason behind the user’s pattern of transactions remains a mystery, yet it maintains market vigilance as substantial quantities of aged BTC are mobilized after years of quiescence.
What do you think about the 1,210 bitcoin worth million moving in this fashion after all these years? Share your thoughts and opinions about this subject in the comments section below.
Dormant $144M in Bitcoin From Defunct Abraxas Darknet Market Moved After Years of Inactivity
According to the onchain analyst Zachxbt, 4,800 bitcoins taken from the now-defunct darknet marketplace Abraxas were transferred to a bitcoin mixing service. Abraxas exit scammed in November 2015 after less than a year, and the bitcoins had remained untouched since then.
4M in Bitcoin from 2015 Abraxas Scandal Suddenly Moved to Mixer
Zachxbt reported on the social media site X (formerly Twitter) that the 4,800 bitcoins, valued at 4 million, from an Abraxas wallet were moved to a mixing service.
“An entity moved ~4800 BTC (4M) originating from Abraxas darknet market which exit scammed in Nov 2015 after previously sitting dormant,” the analyst said on Monday. “They consolidated funds and also deposited [them into] a bitcoin mixer,” Zachxbt added.
When Abraxas defrauded its customers and vendors, bitcoin was trading at 6 per unit on the day the marketplace disappeared. This means the stolen bitcoins from Abraxas were worth about .85 million at that time.
Abraxas began its operations roughly at the same time as the notorious darknet marketplaces Alphabay and Agora, launching on Dec. 13, 2014. Data from gwern.net shows that the site became inaccessible on Nov. 5, 2015, and the bitcoin wallets were emptied in March 2016.
Following Abraxas’ exit scam, vendors and marketplace users frantically looked for new darknet marketplaces. In the process, several of these new platforms also defrauded their users. Research indicates that Agora also shut down around that period, leading both Agora and Abraxas users to migrate to Alphabay.
Subsequently, Alphabay rapidly became the leading DNM until law enforcement seized it in July 2017. The reason for the recent movement of the Abraxas bitcoin stash remains unknown, except for the fact that the funds are now worth 2 million more than they were in 2015.
What do you think about the Abraxas’ bitcoin moving? Share your thoughts and opinions about this subject in the comments section below.
FLOW Diverted By Bearish Current Amid Relative Inactivity – Here’s Why
Following a decline from October 10–October 20, FLOW is currently making a comeback. CoinGecko reports that FLOW is performing well across nearly all time frames shown by its platform, and at the time of writing, the coin was trading at .76.
Along with this rise in price comes an increase in TVL value. DeFiLlama reports that since yesterday, FLOW’s TVL has increased from .97 million to .168 million, an increase of about 5%.
Market slippage was noted earlier, but the market structure produced by FLOW price changes may prevent a recovery.
Going With The Flow
The coin has created a bearish descending triangle and cup pattern as of this writing. Due to the coin’s Stoch RSI readings being in the overbought zone, this is the case. After this metric enters the overbought zone, the market immediately begins to realign and correct itself.
The current value of Chaikin’s money flow indicator is -0.06, suggesting that selling pressure is prevalent in the market. There has been a slight pick-up in momentum, as shown by the indicator. This rise may be due to the inclusion of the cup’s rebound mechanism.
Chart: TradingView
Nonetheless, the RSI indicator, which displays a positive divergence at the time of writing, largely disregards these signs. This could be the moment from which the bulls can recover.
Currently, FLOW’s uptrend is maintained by the price support level at ,601, with the current trading range between ,398 and ,781. With the price movement being influenced by two bearish patterns.
In light of this, we anticipate that the price of FLOW will drop dramatically during the following few days.
Downward Current
As evidenced by the market, FLOW is on a slippery slope. This notion is bolstered by its technicals, which indicate short- and long-term bearishness. For bulls to survive the forthcoming corrective period, they must defend the .398 support level of FLOW’s trading range.
However, the bulls might use the existing support at the .601 price level to trigger a breakout over the .781 resistance range. However, with the Stoch RSI at its highest level, a period of correction is inevitable, hence strengthening the resistance level.
At the current market price, investors and traders might initiate a short position in preparation of the forthcoming corrective phase.
FLOW total market cap at .89 billion on the weekend chart | Featured image from Freepik, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.
NewsBTC
Cryptocurrency Market Update: More Sideways Inactivity, Altcoins Immobile
FOMO Moments
Sideways trading for another day; Stellar and Neo slowly moving up, 0x dropping back.
Crypto markets are slowly losing ground as gains made during last week’s Tether induced pump are slowly being eaten away. Market capitalization has retracted slightly from the same time yesterday but is still just above 0 billion at the moment.
Bitcoin has dropped back a fraction of a percent today to bring it back to ,550. The bulls do not have the strength to take it above the ,600 resistance level so here it stays for another day. Ethereum is still very bearish with another drop today back to 5.
For another day the altcoins are mixed pretty much half and half. The top ten sees Stellar making the largest move with 4% added to take XLM to .242. Cardano is up slightly but the rest have fallen back 1-2 percent on the day.
Neo and Zcash are making the best momentum in the top twenty, both tokens trading over 4% higher today. Dash and Tezos however are both falling back 2-3 percent and the rest are pretty flat with little movement in either direction.
As usual there are a couple of fomo pumps going on with some of the more obscure altcoins further down the list in the top one hundred. Ravencoin, a new entry to this part of the chart, is up 26%. PIVX and Odyssey are also climbing 14-15 percent at the time of writing. These spurts usually reverse within a day or two when the coin predictably dumps again.
Losing ground today is Electroneum and 0x dropping over 7%. ZRX recently jumped over 40% on a Coinbase listing but has dumped a lot of those gains just as quickly as rumours of insider trading at the exchange circulate. There are no real standout cryptocurrencies at either end of the chart at the moment.
Total market capitalization has shrunk around one percent on the day to just over 0 billion. Daily trade volume is still at billion and the sideways channel has resumed. On the week markets are up 4.5% and over the past month they have made over 8%. Bitcoin dominance is currently 53.7% where it has been for most of the week.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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