According to CryptoPotato, an unknown individual or entity recently consolidated 2,000 BTC mined in 2010 into a single wallet. The consolidation occurred on March 26, involving the transfer of 40 sets of mining rewards, each consisting of 50 BTC, into one wallet. At the time of mining, the rewards amounted to $600. Developer mononautical, who noted the consolidation, remarked, 'Imagine holding for 14 years as the value rockets from a few hundred dollars to $140 million.'
Responding to the revelation, another user raised concerns about the possibility of compromised key generation, suggesting either a known pool or a random origin for the rewards. However, mononautical clarified that the miner remains unidentified, suggesting the transfer may have been a strategic move rather than a security breach. 'It’s possible the keys were compromised, but it seems like this went straight to an OTC desk,' mononautical added, citing a previous instance of similar old mining wallet sweeps.
This news follows another significant Bitcoin movement over the weekend. The fifth richest Bitcoin address, which had remained dormant since 2019, suddenly sprung to life. According to blockchain analytics firm Arkham, in 2019, this address was funded with 94,500 BTC worth $6.05 billion. The Bitcoin remained untouched until recently when it was divided and transferred to new addresses. CryptoQuant founder and CEO Ki Young Ju pointed out that the consolidation indicates a 'sell-side liquidity crisis waking up old Bitcoin.' Ju also suggested that the transaction pattern indicates over-the-counter (OTC) sales of the funds. Meanwhile, CryptoQuant’s latest 'Weekly Crypto Report' outlined an upcoming 'sell-side liquidity crisis.' The report attributed the crisis to a surge in Bitcoin demand, mainly fueled by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S. This heightened demand has drastically reduced the available supply for sale. According to the report, Bitcoin’s liquid inventory has reached its lowest level ever in terms of months of demand, with current supply only sufficient to cover demand growth for twelve months.