Satoshi-Era Bitcoin Wallets Spring Back to Life

Combined, these wallets shifted a total of $8.4 billion worth of Bitcoin. Importantly, the coins have not been sold or moved to an exchange, they have simply been transferred to other wallets. Naturally, this has triggered a frenzy of speculation, with some wondering if it could be Satoshi Nakamoto himself, Ross Ulbricht (creator of Silk Road), or early Bitcoin investor Roger Ver.

The timing has not helped the price action. Bitcoin was already seeing a mild pullback and this event saw the Fear and Greed Index drop eight points to 67, slipping from the edge of ‘Extreme Greed’. Altcoins felt the chill too, with the total altcoin market losing 2.35% over the last 24 hours.

This pullback is not especially concerning as the broader bullish momentum remains intact. However, with the 4th of July holiday and a long weekend in the US, anything is possible. Historically, this holiday period and July in general tend to bring lower volatility for the S&P 500. In fact, July is typically its least volatile month for the index. Bitcoin does not follow the index in any consistent way though, showing mixed volatility in past years around this holiday, so the S&P’s direction will likely have little impact on BTC in the near term.

No Advice Warning 

 

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