The on-chain data analytics firms recorded an unusual activity with a certain batch of Bitcoin. The shocking part of the entire activity was that the particular batch had been dormant for over 11 years.

A BTC Batch has been Dormant Since 2011

According to the latest reports from the on-chain analytics firms, it was on Friday morning when the unusual activity was witnessed.

A large batch of BTC that had been dormant since 2011 had finally come to life and started to move. The analytics firms have referred to the particular batch as ‘sleeping bitcoins’.

The particular batch comprised a total of 3,500 Bitcoin. At the time of writing, the total value of the particular BTC batch is worth more than $60 million.

The total amount of BTC had stemmed from multiple addresses of BTC. The reports confirm that there were a total of seven Bitcoin addresses that made up the particular batch.

The batch was created back on October 7, 2011, and had remained idle since then. It was on Friday when the batch finally moved and raised many speculations, and concerns.

Btcparser.com Reported the Movement

The first analytics firm that noticed the unusual activity was Btcparser.com. It reported the movement the moment it started to take place. The firm also provided more information pertaining to the wallets.

The company revealed that the owner has Bitcoin Cash (BCH) associated with the particular batch of Bitcoins. Btcparser.com also provided complete details about the wallets that made up 3,500 BTCs.

A Mass Selling Spree may be triggered

Btcparser.com has confirmed that although the owner of 3,500 BTCs has moved them, he has not sold any of them.

However, multiple speculations have been made in regard to the intentions of the owner. Many investors fear that the owner may sell the BTCs after holding them for more than 11 years.

Many investors have countered the “selling the batch” speculations with their own arguments. They have argued that the owner would not sell the batch just when the BTC price is at a two-year low.

If the owner was to sell them, he could have done so when BTC was at its peak. However, the owner made no move so it could be speculated that the owner simply moved them.

However, if the first speculations come true, then it could be an alarming situation for BTC investors. The largest crypto is already facing a downtrend and is hovering around $17.5k.

If the particular batch is sold and a selling spree comes to life, BTC’s trading value may begin to decline. In the worst-case scenario, BTC’s price may fall to the key support level of $10,000.