Dormant bitcoin worth $2 billion moves just days after spot bitcoin ETFs start trading, Arkham says

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The Block2024/01/17 16:24

By:The Block

Quick Take Nearly 50,000 dormant BTC woke up, not even a week after spot bitcoin ETFs were approved in the U.S., Arkham finds.

Dormant bitcoin worth $2 billion moves just days after spot bitcoin ETFs start trading, Arkham says image 0

Thousands of bitcoin tokens — which have only moved twice in the last 11 years — appear to have woken up.

The crypto tracker Arkham Intelligence spotted the change, stating that 49 addresses consolidated into five that now hold a cumulative 49,858 BTC -1.69% (around $2.12 billion). The last two times the bitcoin moved was in 2019 and 2013.

"$2 billion of dormant Bitcoin moved just before US market open today, across several linked addresses," Arkham wrote on the social media platform X . "Historically these Bitcoins have all moved at the same times and dates."

The movement of the dormant bitcoin comes nearly a week after the approval of 11 spot bitcoin exchange-traded funds on Jan. 10, which began trading on stock exchanges such as Cboe, NYSE and Nasdaq a day later.

Bitcoin was trading at around $42,600, down around 0.9%, at 10:30 a.m. ET on Jan. 17, according to The Block's Price Page for bitcoin.

Price and 24-hour movement for bitcoin. Image: The Block Price Pages

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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