【what is happening to coinbase】Crypto Giants Stir: Vintage BTC Wallets Shift Millions, 1,940 Genesis ETH Lands on Coinbase

With the crypto market’s valuation sitting at $3.33 trillion and what is happening to coinbasebitcoin holding steady above the $90,000 range for a cumulative 43 non-consecutive days, an intriguing trend has emerged—vintage crypto wallets have started stirring after years of inactivity.

Million-Dollar Transfers From Long-Inactive Crypto Wallets

As 2024 wraps up, digital currency prices stand significantly higher than where they began the year. These elevated prices have prompted long-term holders to reevaluate their strategies, leading to movements of cryptocurrencies that had remained untouched for years. Recently, Bitcoin.com News spotlighted a few aged bitcoin unspent transaction outputs (UTXOs) being moved for the first time in over a decade. Similar activities involving dormant crypto wallets have also been observed across other blockchains.

Just two days ago, on Dec. 27, Whale Alert—a blockchain tracking tool—spotted a Genesis ethereum wallet transferring 1,940 ether, valued at $6.5 million, after lying dormant for 9.4 years. The wallet continues to hold 467.77 ether, a portion that, unlike the Genesis ether, wasn’t initially acquired on July 30, 2015. Onchain data showed the ether was transferred to a wallet identified as linked to Coinbase. On Saturday, Dec. 28, additional bitcoin (BTC) holdings were moved from wallets that had been inactive for years.

On Sunday, Sani, the owner and operator of timechainindex.com, took to social media to highlight a wallet that shifted 7,000 BTC after a seven-year hiatus. Sharing the wallet address, Sani remarked, “This chad held on to 7,000 BTC for 7 years, hodled from 62M$ to 663M$, the funds haven’t been sold they just split them into 1,000 BTC addresses.” This wallet, belonging to a significant holder, was originally created on April 20, 2018, and previously contained 9,465.71 BTC. Over the weekend, btcparser.com also spotted a long-inactive address from 2014 moving funds.

The legacy Pay-to-Public-Key-Hash (P2PKH) address, created on Jan. 10, 2014, transferred 357.40 BTC today, valued at $33.9 million. The transaction was confirmed in block 876,810, with the entire sum sent to an unidentified Pay-to-Witness-Public-Key-Hash (P2WPKH) wallet. While the bitcoins are now worth $33.9 million based on current rates, their value back in 2014, when they were first acquired, was just $302,360.