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Date:
13th Oct 2020
Author:
CryptoAltum Research Team

Miner Moves 1,050 BTC From the Satoshi-Era

$11.82 million, or 1,050 BTC mined in early 2010, a time better described as Satoshi-era, were on Oct 11 moved by an unidentified miner to a SegWit wallet. The move, interpreted as bullish by analysts, is more like a wallet re-arrangement than a shift to liquidate since the coins were moved to a more efficient and upgraded wallet, not to an exchange.


Details: 

Most BTC were mined in block height 652,204 and only 50 BTC were from block height 652,229. The movement of coins from the Satoshi-era often dominates headlines. Early last year, a big chunk of BTC was moved but not liquidated. Craig Wright, who claims to be Satoshi, said he was behind the move, forcing BTC prices to temporarily drop. Today’s movement to another wallet didn’t affect prices and BTC bulls continue to sustain prices above the $11,200 level. Often, traders keep track of BTC miners’ activity. The more they liquidate newly minted coins, the more they suppress bulls, forcing prices lower.


Impact on BTC Price: 

Neutral. Shuffling wallets don’t translate to bear pressure, which is bullish in the immediate term. Since bulls are unfazed and more capital is flowing into the market, the miner’s move is net bullish.


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