Bitcoin Worth $2 Billion Awakens after Five Years of Dormancy

By: Eliza Bennet

Quick Update

In a remarkable event, around $1.9 billion worth of Bitcoin, approximately 44,800 BTC, returned to circulation after remaining dormant for over five years. The significant transactions took place around 1:30 GMT, before the US market had opened.

This influx recalls an earlier event back in February 2022 when nearly 95,000 BTC became active in the market once again. However, this past event co-incided with a severe dip in Bitcoin's value, plummeting from $46,000 to a low of $15,500.

The impact of such large amounts of formerly dormant Bitcoin reentering circulation could potentially cause ripple effects in the digital asset market. The specifics of these potential shifts, however, remains uncertain at this time. Analysts suggest this surge may be the result of consolidating Bitcoin from 49 older addresses into 5 new ones.

Stay tuned as we continue to track the shifting dynamics of the digital asset ecosystem and report on potential impacts of these major Bitcoin movements.