It turns out that there are really people who can hold Bitcoin from 0 to 70,000

At 23:00 last night, the price of Bitcoin briefly crossed the US$69,000 mark, with a market value of US$1.35 trillion, surpassing Meta Platforms and jumping to the ninth place in the world's mainstream asset market value. Everyone in the currency circle "stand up and pay tribute" ”.

However, the horn did not sound long. Bitcoin, which had just broken the all-time high record, turned sharply lower in less than 5 minutes, once falling below 60,000 during the session. Dollar. The sharp rise and fall caused nearly $1.2 billion in positions to be liquidated across the entire network. According to data from CoinGlass, 318,392 traders were liquidated in the past 24 hours, totaling $1.19 billion, mainly on the long side.

The mysterious address that has been dormant for 14 years

While the market is speculating on the cause of this plunge, However, the community discovered that CryptoQuant data showed that 1,000 Bitcoins worth approximately $69 million were transferred to Coinbase from addresses more than ten years ago, and the research company stated that they were related to miners.

Generally speaking, the transfer of long-dormant tokens to large cryptocurrency exchanges is a precursor to a sale. CryptoQuant analyst Bradley Park also said in a report: "Given that the trading order book shows that there is 5-10 Bitcoins of liquidity for every $100 price change, selling 1,000 Bitcoins is likely to trigger a significant price drop. .》

Transaction record

According to the transaction records of its address, the address has been active since 2010 and has gone through several cycles in the past 14 years without any transfer behavior until There was no new activity at this address until Bitcoin once again reached the $69,000 mark, setting a new all-time high.

Although there is no evidence that the Bitcoins transferred to Coinbase have been sold, it is clear that this mysterious address has caused a lot of speculation.

Speculations caused by the OG address

Some people speculate that the owner of this address has lost his help before. Remember words and keys, so they are forced to "sleep". After all, for most people, the possibility of holding Bitcoin from 0 to 70,000 after multiple cycles is too small.

Some people also speculate that before the sell-off, the address may have used leverage to short-sell, and then made a profit by selling a large amount of Bitcoin at once, but such speculation is still possible Relatively small, after all, the market value of Bitcoin is so huge now, and the interested parties and factors involved are also extremely wide.

Interestingly, the community also speculated that this address is one of the addresses of the US National Security Agency. They had previously held a huge amount of Bitcoin through confiscation, and the Internet also It has been widely circulated that "the US government is the institution that holds the largest number of Bitcoins today", so it is also a reasonable guess to choose to "unload their baggage" at a high point.

In addition, there is also a compelling speculation that this sale may also involve Satoshi Nakamoto himself. Although the true identity of Satoshi Nakamoto remains a mystery, the Bitcoin OG’s transaction has triggered some speculation about whether Satoshi Nakamoto may sell Bitcoin. After all, Satoshi Nakamoto’s identity has always been very mysterious, and his address changes are One of the most dangerous "black swan events" in the bull market.

Tribute to OG

In addition to these speculations, the community has expressed the most views on this address And the attitude is just a tribute to OG.

“In a few years, this may be talked about like a Bitcoin pizza parlor.” Clearly influenced by OG, the crypto industry’s response to Bitcoin’s price I still have a lot of confidence, and this firm belief and extraordinary patience are very touching.

"Although I personally do not agree with selling Bitcoin, this veteran deserves our respect because he has experienced the entire journey of Bitcoin, including every market cycle , every bear market dip, and all the fear mongering, huge swings in wealth, etc.,” said a member of the Bitcoin community.

More importantly, compared with today’s strategies to make quick money in the encryption industry, “There are really people who can go from 0 to 70,000 in 14 years. "Bitcoin" is more like a belief. With a solid belief in Bitcoin, we can finally get Bitcoin out of the trouble of centralization and spread it more widely among the population. It's hard not to pay tribute to those who have weathered the storms of FUD and market cycles.

And if we go through four market cycles, maybe we will also be tomorrow’s Bitcoin OG, we are still early.