Recently, it was discovered that some Bitcoin wallets that had not had any activity since 2010 suddenly began to transfer their assets. These wallets are considered to be Bitcoin "whales", that is, early investors who hold a large number of Bitcoins. According to data on the blockchain, these wallets began to transfer their Bitcoin holdings in early October, attracting widespread attention from the cryptocurrency community. Market analysts point out that the actions of these "whales" often have a significant impact on the Bitcoin market because the number of Bitcoins they hold is so large that once they are sold or transferred, it may have a significant impact on the market price. In addition, this also makes people look back at the early history of Bitcoin, recalling the time when Bitcoin was just an emerging and unknown cryptocurrency.

According to data, these reactivated Bitcoin wallets transferred more than $50 million worth of Bitcoin in early 1.0. These Bitcoins are considered "old-fashioned" Bitcoins because they may have been purchased when the price of Bitcoin was still low. The transfer of these Bitcoins not only refreshed the vitality of the market, but also made people recognize the contributions of the early Bitcoin community.

The most notable transaction this week was the 860 bitcoins being distributed to 86 different wallets, which had been silent for nine years since they were created on January 3, 2014. This time, each wallet transferred 10 bitcoins, and judging from the time and method of the transaction, these wallets clearly belonged to the same holder. On-chain analysis also verified the single ownership of these wallets. All wallets fully transferred their funds to P2SH addresses.

In the same week, another address created in August 2014 was revived and 46 bitcoins were transferred; in addition, an address created in July 2013 with 504.99 bitcoins transferred tokens on October 4.

As October progresses, we may see more movement of previously idle Bitcoin. While many holders are still sticking with long-term holding strategies, it now appears that some have chosen new strategies.

Is Bitcoin Transfer Good or Bad?

Market observers pointed out that the transfer of these bitcoins may cause some pressure on the market, but in the long run, it shows that old users of bitcoin still have confidence in the market, which is seen as a positive sign. At the same time, it also makes people see the scarcity and historical value of bitcoin again. This event also once again highlights the scarcity and immutability of bitcoin, demonstrating the unique value of blockchain technology.

In this event, we see the history and future of the Bitcoin community. From a niche, unknown, and even alternative investment tool to a mainstream investment and asset preservation tool, Bitcoin's status has been widely recognized by the market. The reactivation of these Bitcoin wallets that have not been used for ten years is not only a digital conversion, but also a witness to history. Market analysts said that as the price of Bitcoin continues to rise, we may see more "dormant" Bitcoin wallets become active again, which will also be a witness to the continuous evolution of Bitcoin history.

The market has not fluctuated significantly recently. This week, Bitcoin has repeatedly hit the key resistance level of $28,000. Currently, Bitcoin is under heavy pressure and the upward momentum seems to be struggling. Although Bitcoin is under great pressure to rise, it does not mean that the market will fall immediately. In the future, Bitcoin will continue to fluctuate in the range. If it can effectively break through, it may be an opportunity for the market.

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