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Bitcoin wallet back online after 8 years

According to blockchain analytics platform CryptoQuant, a former Bitcoin miner has awakened from an eight-year slumber and moved as many as 1,100 BTC to two separate wallets.

By Mike Hesp
• 1 min read
Bitcoin wallet back online after 8 years

According to blockchain analytics platform CryptoQuant, a former Bitcoin miner has awakened from an eight-year slumber and moved as many as 1,100 BTC to two separate wallets. Those 1,100 BTC are currently worth more than $2.5 million. CryptoQuant published a report with an analysis of the wallet address. The result: before he had shown life for years, the wallet of the so-called whale Bitcoin had received funds from nine different addresses.

The two receiving wallets are not centralized exchanges, according to the analytics platform. Therefore, for now we should not assume that the massive amount of Bitcoin was sold. The fact that one of the receiving addresses uses multi-signature speaks in Bitcoin's favor. These are commonly used by institutional investors. The reasons behind the transactions are currently unknown.

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