Idle wallets move $20 million worth of BTC last week

On-chain data have shown that $20 million worth of Bitcoins (BTC) — 1,221 units — were moved from idle wallets last week. BTC was worth far less when these wallets went dormant than today.

On November 29, a wallet that had not done any activity since March 2017 moved 348 units of BTC. When the account went dormant, the stash was worth $348,000. The value of the BTCs was around $5.8 million at the time of the transfer.

Within the same day, several addresses created in March 2017 also moved some BTC. An address named “17HxA” moved 48.88 BTC at block height 765,168. At the same time, there were five transactions of 59.99 BTC each from five addresses at different block heights.

An idle address created in June 2017 also moved 173.61 BTC on November 29. Another notable transaction that day came from an inactive account created in April 2014. The wallet moved 100 units to another address. In 2014, BTC was worth less than $500 per token.

On December 2, a wallet called “1EaAv,” created in April 2013, moved 600 units to other addresses. During the address creation, the BTC stash was worth approximately $84,000. In the recent transfer, the stash was worth $10.14 million.

Following the implosion of the crypto exchange FTX, the price of BTC dropped to its two-year low, hovering above $16,000 per unit. Compared to its all-time high in November 2021, BTC has lost more than 70 percent of its value.

Movements in idle addresses had also happened before. On November 11, seven dormant wallets moved 3,500 units of BTC, worth around $60.6 million at the time of the transaction. Each of those wallets received 500 BTC in July 2011 and kept them for years.

BTC price

Throughout the weekend, on-chain data showed that the value of BTC had crossed the $17,000 mark. Renowned crypto trader Cheds predicted that its volatility would hit the market soon. Usually, a price increase will follow.

Meanwhile, other market players said BTC prices would remain stable in the short term with slight up and down. Analysts said BTC needed to hit the $21,500 mark to start a bullish trend.

As BTC and other digital assets are traded against the U.S. dollar, the U.S. dollar index (DXY) becomes an important indicator of risk asset performance. DXY hit its lowest value in five months last week, ending Friday’s trading at 104.5. Analysts said the greenback would maintain its bearish trend, which could be good for risky digital assets as the price might go up.

According to analysts, the FTX crisis broke the positive correlation between BTC and the U.S. equity market. Previously, the swing in BTC price went according to the movement in the stock market. It offers hope to crypto investors that the BTC price will trend upward again.

However, BTC needs to maintain its momentum to more than $17,622 per unit. If the price went below that mark, the consolidation price would range between $15,476 and $17,622. Currently, analysts believe that the psychological level BTC must hit to get to $21,500 is $20,000.

If BTC can start its bullish trend, other coins in the market will continue to go up because BTC still holds the largest market capitalization in the crypto market. The trust in its stability affects other coins.