October 3, 2022

Information Shows Bitfinex Hack Woke Up Largest Ever 5yr+ Bitcoin Supply

2 min read

Bitcoin on-chain data shows the current movement of the coins associated with the 2016 Bitfinex hack have actually showed up as the biggest ever spike in the 5+ years old supply revival metric.

Movement Of 2016 Bitfinex Hack Coins Revived The Largest 5+ Years Old Bitcoin Supply

Based on the current weekly report from Glassnode, the largest ever spike in the 5+ years of ages supply revived metric was observed recently.

The “revived supply last active 5+ years” is an indicator that measures the quantity of supply moved throughout a particular period that was more than 5 years of ages.

Such old coins offset the dormant part of the Bitcoin supply. These coins might come from wallets that have been lost, or the saved supply on exchanges. A few of the supply might likewise be owned by whales who came into the crypto early.

When the value of this indication increases up, it means a great deal of these old coins have been offered. This can be bearish for the cost of Bitcoin.

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Now, here is a chart that reveals the trend in the metric over the past 5 years:

Bitcoin Revived Supply 5+ Years

 Looks like the indication has observed a big spike just recently |

Source: The Glassnode Week Onchain- Week 6, 2022 As you can see in the above graph, the largest ever variety of coins coming from the 5+ years Bitcoin supply was moved recently.

The spike, totaling up to 94,630 BTC, is made up of coins that were involved in the 2016 Bitfinex hack. Whoever lagged the hack was keeping the coins fixed till now as squandering on them all at once would capture a great deal of attention. Now it seems these coins have actually been relocated to a brand-new address.

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The largest spike before this was back in January 2019, when around 71,825 BTC was sold. The price of the crypto then was around $3.6 k.

BTC Price

At the time of writing, Bitcoin's price floats around $43.8 k, up 14% in the last 7 days. Over the past month, the crypto has gained 5% in value.

The listed below chart reveals the pattern in the rate of BTC over the last five days.

Bitcoin Price Chart

 BTC's rate appears to have surged up over the last couple of days|Source: BTCUSD on TradingView

Bitcoin has actually finally revealed some strong healing as the crypto has actually enjoyed some sharp uptrend over the past week. Earlier today, the coin briefly broke above the $45k mark before falling down to the current levels.

Presently, it's uncertain if this trend of upwards movement will last or if it's just a bull trap. Nevertheless, some indications do recommend that the bottom may now remain in.

Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com