BTC Whale Transfers $940 Million Out of Coinbase — 3 Batches of ‘Sleeping Bitcoins’ From 2011 Move

BTC Whale Transfers $940 Million Out of Coinbase — 3 Batches of "Sleeping Bitcoins" From 2011 Move

On Tuesday, October 18, researchers from the crypto analysis platform Cryptoquant identified an outflow of 48,000 bitcoin coming from the trading platform Coinbase Pro. According to the researcher’s summary of the situation, a large portion of the funds were old coins. Whale Transfers 48,000 Bitcoin Amid Coiled Market

While bitcoin (BTC) has been trading under the $20K region and trading sideways, observers have witnessed a number of old coins move onchain. The onchain movement comes at a time when market volatility is expected. For instance, the latest Glassnode Insights report called “A Coiled Spring,” expects some bitcoin price fluctuations to occur in the near future.

“The bitcoin market is primed for volatility, with both realized and options implied volatility falling to historical lows,” Glassnode wrote on October 17. “Futures open interest has hit new all-time-highs, despite liquidations being at all-time-lows. Volatility is likely on the horizon, and Bitcoin prices rarely sit still for long.”

The following day, researchers from the crypto analysis platform Cryptoquant tweeted that 48,000 dormant bitcoins moved onchain on Tuesday. “Dormant bitcoin moved out from Coinbase Pro,” Cryptoquant said on Twitter. “The outflow of 48K BTC is coming from Coinbase Pro and has a dollar value of [$940 million].”

Cryptoquant said that a “big portion” of the onchain spending stemmed from batches of really old bitcoins, at least three to five years in age. The researchers estimate roughly 32,000 BTC of the 48K were between three to five years old. “Further investigation is needed to conclude whether it’s an exchange in-house flow, sent to a new wallet, or just a clean outflow,” Cryptoquant detailed on Tuesday.

In an update following the initial post, Cryptoquant explained that 8,000 BTC was deposited on Coinbase shortly after. “The transactions were partially split into batches of 122 BTC. We’ve seen this multiple times during the 2021 bull run, right? Ahem institutions,” Cryptoquant added. 11-Year-Old ‘Sleeping Bitcoins’ Wake After Years of Slumber

In addition to the 48,000 coins moving onchain with a great majority being dormant bitcoins, a few addresses from 2011 have sent a few batches of so-called ‘sleeping bitcoins’ this month. Btcparser.com caught sleeping bitcoins moving from an address created on May 14, 2011, when they were transferred on October 10, 2022, at block height 758,046.

On the same day, a dormant address created on October 24, 2011, moved 40 BTC. Seven days later, a batch of 10.29 sleeping bitcoins from an address created on September 20, 2011, was transferred for the first time in 11 years. Tags in this story 2011 Bitcoin, 2011 BTC, 48000 Bitcoin, 48000 BTC, 48000 dormant bitcoins, 8000 BTC, Bitcoin, Bitcoins, Bitcoins Wake, BTC volatility, Btcparser.com, Coinbase, Cryptoquant, glassnode, onchain spending, onchain transactions, Onchain transfer, Researchers, sleeping bitcoins, transactions, transfer, volatility

What do you think about the old bitcoin spends happening in recent times? Let us know your thoughts about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Finder"s Experts Predict Bitcoin Will End the Year at $21K, Panel Expects BTC to Hit $79K by 2025 NEWS | 53 mins ago Playing Card Maker Bicycle to Feature Bored Ape #1,227 in Upcoming Collectible Deck NEWS | 3 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: ETH Lower, as USD Gains Following Strong Q3 Earnings Next articleBiggest Movers: XMR Moves to 10-Day High, AAVE Remains Near 5-Week Peak Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether