A long-dormant Bitcoin wallet holding 2,000 BTC recently became active after remaining untouched since 2010. The whale moved the funds, worth approximately $178 million, to Coinbase, a leading cryptocurrency exchange, sparking speculation about potential liquidation.
The wallet’s first transaction dates back to 2010 when Bitcoin’s price was just $0.06 per coin. At that time, Bitcoin’s total market cap was around $250,000, and daily trading volumes rarely surpassed $60,000.
Bitcoin is now trading at $88,532 per coin, having recently cooled off from a rally that pushed its price to an all-time high of $93,214. The whale’s holdings have appreciated exponentially over the past 14 years.
Transfers to exchanges, like Coinbase, often signal an intent to sell. The movement of such a significant amount of Bitcoin could exert selling pressure, potentially capping further price increases in the short term.
This is part of a broader trend where dormant Bitcoin wallets from the early “Satoshi Era” (2009–2011) have been waking up. Glassnode data reveals an increase in activity among wallets inactive for over five years, hitting a two-month high.
The wallet’s activation coincides with a recent market surge following Donald Trump’s U.S. election victory. Traders speculate that such moves are profit-driven, taking advantage of Bitcoin’s historically high prices.
If the whale liquidates their holdings, it could limit Bitcoin’s upward trajectory. Despite optimistic predictions of Bitcoin reaching $100,000 by year-end, large sell-offs from early holders may create resistance at key psychological levels.
Despite these wallet activations, an estimated 3-4 million BTC are believed to be irretrievably lost due to forgotten private keys, limiting the total circulating supply.
This is not the first instance of older wallets becoming active during bull runs. Earlier this year, millions of BTC from dormant wallets were moved, leading to speculation about potential sales. These events often coincide with Bitcoin hitting new all-time highs.
While traders remain bullish, the revival of such significant early wallets adds an element of uncertainty. If more long-dormant holders decide to liquidate, it could stall Bitcoin’s climb toward $100,000. However, the market’s strong liquidity and rising institutional interest may help absorb these inflows.
This movement highlights Bitcoin’s evolving narrative—from a niche digital currency to a globally recognized asset capable of generating life-changing wealth for its earliest adopters.
Also Read: Michael Saylor Predicts Bitcoin Won’t Drop Below $60K
