1,000 BTC HODLed for 10 Years Suddenly Transferred to Exchanges
Yesterday morning a large transfer caught our attention:
This transaction took place on the morning of March 11 using 28 inputs with a total value of 1,000 BTC, with an output address 3CU4AYJH23ePNnKsycinP5TSogCNGsyqCc. Fourteen minutes after the transfer of 1,000 BTC, 55 different outputs were transferred from the 3CU4… address and eventually flowed into multiple exchanges including Coinbase, OKEx, and Huobi.
In the recent sharp gyrations of the market, these two transactions don’t stand out, but if we dig deeper into the 28 addresses on the input side of the first transaction, we find that these are coinbase blocks from August to October 2010. In other words, most of these 1,000 BTC have not been transferred since they were mined in 2010. This series of transactions came from an early 2010 miner, and these bitcoins have not been transferred for 10 years.
Within hours of this transfer, Bitcoin dropped from $8,000 to around $7,500, which might be attributed to this 1,000 BTC.
Using analysis from our Biteye visualization tool, a considerable part of this 1,000 BTC has sent to OKEx, Coinbase, Huobi, and other exchanges.
The output side of this transfer is very regular, 53 of the 55 outputs are 15 BTC each, and all start with bc1q. Except for an output amount of less than 5 BTC, only one address format is different from the rest with 1MPbs4TYnHMbfAKqGmW6CVeoJGX44cMiDG. This address got 200 BTC of the 1,000. From our tracking, this is likely to be a Coinbase address.
This transfer tells us that even if BTC have not been moved for ten years, it does not mean that the bitcoin is lost. The whales who have gone through several rounds of bull and bear markets have started to move their coins, which also implies that this round of decline may be different and extraordinary. Bitcoin has recently jumped out of its previous risk aversion pattern and started to synchronize with traditional financial markets such as US stocks, showing that Bitcoin has become an alternative asset (albeit with greater volatility). Recent economic expectations have turned pessimistic as the impact of the epidemic widens and cashing out large positions of risk assets is a reasonable choice. Under these market conditions, investors need to pay more attention to risk control.
Disclaimer: The opinions involved in this report are based on comprehensive research and judgment based on data analysis. They are only used as a reference and not as an investment basis. Caution should be exercised when investing in risky currencies.
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