The transparent nature of the bitcoin (BTC) blockchain makes it possible to collect all kinds of interesting information about the market. Now on-chain data tells us that a bitcoin whale moved 500 BTC that had been at the same address for 5 to 7 years.
Old coins in motion
Normally it is not a good sign when old coins start to move. It may be that the owner of the bitcoin in question wants to place these coins in other wallets, but there is a higher chance that it is a sale. Certainly if the coins go to an exchange platform, there is little chance that it concerns a wallet reorganization.
In this case it is not clear what exactly the whale in question intends to do with bitcoin. It is clear that it concerns bitcoin with an age of between 5 and 7 years. So it is about a whale that has had a lot of patience with bitcoin in recent years and is now perhaps thinking of a sale.
Analyst JA_Maartun noticed the move, because the group with bitcoin that has been in the same place for 5 to 7 years suddenly showed an unusually high activity. Where normally very small amounts of bitcoin from these groups are in motion, it now suddenly turned out to be more than 500 bitcoin.
Not huge
Although a 500 bitcoin transaction involves a total value of just under $10 million, this is not a striking transaction in the big picture. Not long ago, more than 5,000 bitcoins suddenly moved that had been at the same address for 7 to 10 years.
In this case, it does not appear that the transaction went to the stock exchanges. Inflows at the major exchanges did not show a huge spike at the time of the transaction, meaning it may have been an OTC deal or a reorganization of wallets.