Glassnode Alerts Users of Volatility, Discusses Ancient Coins

  • The on-chain analyst also speaks about ancient coins, Mt. Gox, and the US government.
  • Glassnode also addressed rumors of the revival of 3.2k ancient Bitcoin.

On-chain market intelligence platform Glassnode recently addressed the revival of 3.2k ancient Bitcoin in one of its recent YouTube videos. The video covers various topics, including the ancient token, Mt. Gox, and the US government coins.

Glassnode reported that the Bitcoin market has been fluctuating between the high and low bands in the range of $27,000 to $30,000 since mid-March. This week, the market has shown signs of recovery, bouncing back from $27,100 to $29,900.

During this period of growth, rumors circulated about movements in Mt. Gox and USD government-controlled wallets, which may have affected market activity. Additionally, there was some activity from long-time supply holders (more than 7 years).

Analysis by Glassnode revealed that approximately 3.2k BTC were revived this week. Out of this, 1.1k BTC was originally acquired in the pre-2013 timeframe. However, Glassnode confirmed that the transfer was not an internal one.

Talking about Mt. Gox, Glassnode stated that a detailed look at the Mt. Gox wallet shows that the number of BTC remains stable at 137,890 BTC. Glassnode highlighted that no spending has been observed lately. However, the $3.2 billion wallet is worth tracking, according to Glassnode.

Glassnode also pointed out the US government’s possession of coins. The quantity of Bitcoin held by US government officials has remained constant at 205,514 BTC. These particular coins were acquired through various seizures, including the Bitfinex hack in 2016 and the Silk Road hack in 2012. In the latest update, 9,861 BTC were transferred to the Coinbase cluster.

According to CoinMarketCap data, Bitcoin is trading at $28,693 at press time, with over a 2% gain in value over the last 24 hours.

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