A mysterious Bitcoin ($BTC) whale has moved 412 coins from an address that had been dormant for the past 11 years, in a transaction that shows some long-term holders are moving their stash as the cryptocurrency market recovers.
The transaction was spotted by blockchain security firm PeckShield, which alerted its followers on the microblogging platform Twitter, while linking to an analysis of the addresses’ funds over time.
#PeckShieldAlert A dormant $BTC address 1MMXRA (which has been inactive for 11 years) has transferred ~412 BTC (~$9.6M) out (Credit to @BlockBeatsAsia)https://t.co/ZJh4yeMD49 pic.twitter.com/uasdbBekek
— PeckShieldAlert (@PeckShieldAlert) February 8, 2023
Data from the Bitcoin blockchain shows that the address accumulated $BTC back in 2012 over a series of transactions, when the flagship cryptocurrency was trading just slightly above the $12 mark.
Starting in 2014, the address received multiple small transactions adding so-called “dust” to its balance, in what was likely a dusting attack. A dusting attack is a type of cyberattack where hackers attempt to compromise the privacy of Bitcoin and cryptocurrency users by sending small amounts of coins to their wallets.
The attackers track the transactional activity of these wallets and use a combination of address analysis to uncover the identity of the person or entity behind the wallet.
The transaction came after Bitcoin had its best month of January since 2013, after seeing its price appreciate more than 40% since the beginning of the year, in what is being seen as the start of a recovery from the over one-year-long bear market the cryptocurrency space has endured.
Notably, the price of Bitcoin could soon surge to the $25,000 mark and put a “nail in the coffin” of $BTC bears and short sellers, as the cryptocurrency’s 50-day moving average rises above its 200-day moving average, forming a golden cross, according to an analyst.
According to Investopedia, there are three stages to a golden cross, with the first one requiring a downtrend to eventually bottom out as selling is depleted. The second stage comes after the shorter moving average “forms a crossover up through the larger moving average to trigger a breakout and confirmation of trend reversal.“ A third stage occurs with the continuation of an uptrend.
Bitcoin’s price charts last formed a golden cross in September 2021 on their daily timeframes, roughly two months before the flagship cryptocurrency’s price moved to a new all-time high near the $69,000 mark.
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