In a recent development within the crypto sphere, an undisclosed individual or group has amalgamated a substantial Bitcoin (BTC) sum mined back in 2010 into one wallet, drawing attention from experts and enthusiasts alike.
Developer mononautical revealed this consolidation on X [formerly Twitter] on March 26. It involved merging 40 sets of mining rewards, each comprising 50 BTC, into a single wallet. Mononautical emphasized the foresight required to hold onto the BTC for over 14 years, witnessing its value skyrocket from a few hundred dollars to $140 million today.
Concerns were raised regarding compromised key generation by another X user, @Psifour, speculating on the origin of the rewards. However, mononautical dismissed these concerns, suggesting the consolidation might be a strategic move rather than a security breach. Mononautical hinted that the transfer likely went straight to an over-the-counter (OTC) desk, similar to previous old mining wallet consolidations.
This development follows another significant movement in the crypto market, where the fifth wealthiest Bitcoin address, dormant since 2019, became active over the weekend. Blockchain analytics firm Arkham reported the division and transfer of 94,500 BTC, worth $6.05 billion in 2019, to new addresses.
CryptoQuant’s “Weekly Crypto Report” warned of an impending “sell-side liquidity crisis” due to a surge in Bitcoin demand, particularly with the introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S. The report highlighted Bitcoin’s dwindling liquid inventory, posing challenges in meeting the soaring demand. U.S. exchanges are especially affected, exacerbating concerns about Bitcoin’s supply dynamics.
