{"id":32235,"date":"2022-10-16T22:17:08","date_gmt":"2022-10-16T22:17:08","guid":{"rendered":"https:\/\/egrowonline.com\/?p=32235"},"modified":"2022-10-16T22:17:08","modified_gmt":"2022-10-16T22:17:08","slug":"bitcoin-whale-moves-500-btc-dormant-since-5-years-ago","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=32235","title":{"rendered":"Bitcoin Whale Moves 500 BTC Dormant Since 5+ Years Ago"},"content":{"rendered":"


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On-chain data shows a Bitcoin whale has recently transferred around 500 BTC that had been previously dormant for around 5 to 7 years.<\/p>\n

Bitcoin Spent Output Age Bands Show Spike In 5-7 Years Old Coins<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, this movement of 500 BTC has come following the 5k BTC shift in 7 years+ old coins a while back.<\/p>\n

The relevant indicator here is the \u201cSpent Output Age Bands<\/a>\u201d (SOAB), which tells us how many coins the different Bitcoin age bands are transferring on the chain currently.<\/p>\n

The age bands refer to groups based on the amount of time a coin has remained still for in a particular address. For example, any coin that hasn\u2019t shown any movement for between 2 and 3 years will be included in the 2-3 years band.<\/p>\n

If this coin transfers to another wallet, then the movement will naturally show up as a spike under the SOAB of 2-3 years.<\/p>\n

Now, the relevant age band here is the 5-7 years one. Here is a chart showing the Bitcoin spent output data for this group:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the metric has noted a spike during recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Bitcoin 5-7 years age band observed a sharp value just a couple of days back.<\/p>\n
The spent output spike amounted to around 500 BTC being moved, possibly by a whale. While sizeable, this transfer is still much smaller than the 5k movement of 7-10 years old coins some time ago.<\/p>\n
So, where did this latest transfer go to? The exchange inflow SOAB, a modified version of the metric that measures movements specifically involving exchanges and not the entire chain, may contain hints about it.<\/p>\n
The chart below highlights the trend in this indicator.<\/p>\n
\"Bitcoin<\/p>\n
The value of the metric hasn't been that high recently | Source: CryptoQuant<\/a><\/pre>\n
From the graph, it\u2019s apparent that there have been no spikes out of the norm for the exchange inflow SOAB in the last few days.<\/p>\n
This suggests that the whale transaction of the 5-7 years old coins was likely not going to centralized exchange wallets. Thus, it was probably an over-the-counter (OTC) deal if the whale made the transfer with the intent of dumping. But if it wasn\u2019t, then perhaps it was only a transfer to a different personal wallet.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin\u2019s price<\/a> floats around $19.1k, down 2% in the past week. Over the last month, the crypto has lost 3% in value.<\/p>\n
\"Bitcoin<\/p>\n
BTC has moved sideways during the last two days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Rod Long on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n<\/p><\/div>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows a Bitcoin whale has recently transferred around 500 BTC that had been previously dormant for around 5 to 7 years. Bitcoin Spent Output Age Bands Show Spike In 5-7 Years Old Coins As pointed out by an analyst in a CryptoQuant post, this movement of 500 BTC has come following the 5k […]<\/p>\n","protected":false},"author":1,"featured_media":32236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[50,194,2246,247,2121,1507],"class_list":["post-32235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-bitcoin","tag-btc","tag-dormant","tag-moves","tag-whale","tag-years"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/10\/rod-long-gUYYvPrnuHY-unsplash-980x653.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/32235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32235"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/32235\/revisions"}],"predecessor-version":[{"id":32237,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/32235\/revisions\/32237"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/32236"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32235"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}