It turns out that someone can really hold bitcoin from $0 to $70,000
At 23 o'clock last night, the price of Bitcoin briefly crossed the $69,000 mark, with a market value of $1.35 trillion, surpassing Meta Platforms and jumping to the 9th place in the world's mainstream asset market capitalization. Bitcoin continued to rally, with Ethereum topping $3,900, hitting its highest level since January 2022.
However, it didn't take long for the horn to sound, and Bitcoin, which had just broken the all-time high, turned sharply in less than 5 minutes, falling below $60,000 intraday. The sharp rise and fall led to a liquidation of nearly $1.2 billion across the network. According to the data, in the past 24 hours, 318,392 traders were liquidated, totaling $1.19 billion.
While the market speculated about the cause of the crash, the community found that data showed that 1,000 bitcoins worth about $69 million were transferred to an exchange by an address more than a decade ago, which the research firm said was related to miners.
In general, the transfer of long-dormant tokens to large cryptocurrency trading platforms is a prelude to a sale. Analyst Bradley Park also said in a note: "Considering that the trading order book shows liquidity of 5-10 bitcoins for every $100 change in price, selling 1,000 bitcoins is likely to trigger a significant price drop." 」
According to the transaction history of the address, the address has been active since 2010 and has gone through several cycles in 14 years without any transfers, until Bitcoin hits the $69,000 mark again, setting a new record, and there is no new activity at the address.
While there is no evidence that these bitcoins, which were transferred to an exchange, have been sold, apparently the mysterious address has caused a lot of speculation.
Some people speculate that the owner of this address was forced to "sleep" because he lost his seed phrase and key before, after all, it is too unlikely for most people to be able to hold bitcoins from 0 to 70,000 after multiple cycles.
There is also speculation that before the sell-off, the address may use leverage to short, and then make a profit by selling a large amount of bitcoin at once, but such speculation is still relatively unlikely, after all, the market value of bitcoin is so huge today, and the interests and factors involved are extremely wide.
Interestingly, the community also speculated that this address was one of the addresses of the US National Security Agency, which previously held a large amount of bitcoin in the form of confiscation, and there has been a rumor on the Internet that "the US government is the institution that holds the most bitcoin today", so it is reasonable to guess that they chose to "unload their luggage" at the high point.
In addition, there is a high-profile speculation that the sale may also involve Satoshi Nakamoto himself. Although Satoshi's true identity remains a mystery, the Bitcoin OG's transaction has sparked some speculation about whether Satoshi Nakamoto might be able to sell Bitcoin, after all, Satoshi's identity has always been mysterious, and his address change is one of the most dangerous "black swan events" of the bull market.
Aside from these speculations, the most common sentiment and attitude expressed by the community about the address is a tribute to OG.
"In a few years, it's going to be talked about like a Bitcoin pizzeria. Apparently influenced by OG, the crypto industry still has a lot of confidence in the price of Bitcoin, and this strong belief and extraordinary patience are very touching.
"Although I personally disapprove of selling Bitcoin, this veteran deserves our respect because he has been through the entire journey of Bitcoin, including every market cycle, every bear market downturn, and all the panic spreads, huge fluctuations in wealth, and so on. A member of the Bitcoin community said.
More importantly, compared to the strategy of making quick money in the crypto industry today, the fact that "someone can really hold bitcoin from 0 to 70,000 in 14 years" is more like a belief. With a strong belief in Bitcoin, we can finally move Bitcoin out of centralization and disperse it more broadly among the population. It's hard not to pay tribute to those who have weathered the storm of FUD and market cycles.
And if we go through four market cycles, maybe we are also tomorrow's Bitcoin OG, we are still early.
(Data source: lvdongxiaogong)
