Bitcoin wallet wakes up after 12 years of dormancy, moves 500 coins

The unidentified wallet originally received 500 bitcoins on July 14, 2012, when the bitcoin price was less than $8.

A bitcoin wallet that has been inactive for nearly 12 years transferred its entire 500 BTC — worth just under $35 million at current prices — to multiple new addresses.

The identity of the individual or entity behind the bitcoin transfer remains unknown, as is the reason for the transfer.Yesterday's mysterious bitcoin movement follows an even more interesting one from earlier this week when an individual or entity who received 2,000 bitcoins in mining rewards in 2010 consolidated them into a single wallet.

Some in the industry, such as CryptoQuant founder and CEO Ki Young Ju, believe such movements indicate "a sell-side liquidity crisis" potentially spurred on by demand from new spot Bitcoin exchange-traded funds in the United States.

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