Maybe it’s just an early adopter finally cashing out, or perhaps coins from an old “lost” wallet that somehow got reactivated. Of course, moving BTC doesn’t always mean it’s being sold, it could simply be a transfer to another address. But with Bitcoin sitting above $112K, the timing definitely makes people wonder.
I don’t know why it should be a thing of surprise in my opinion, i have always tried to stretch out that most of the bitcoin on dormant addresses are not lost coins but rather belongs to holders who are holding for a very long time and when this moves happens it is either for investor to actually take profit or even most often move to other wallet where for security reasons both of which shouldn’t be a thing of concern.
I may be crazy when I say that 400 bitcoin is a lot to hold for 12 years, and the amount of profit that has been made over that time is something to be jealous of, but the truth is that how many people are actually willing to hold for 12 years? You see people holding for months, and then they start complaining about it, possibly due to a change in the market. Financial discipline is crucial to being able to archive something like this.
The thing is it is about conviction, some people already have a price target that they have set for it to be sold and they will stick to their plans which is one strong conviction not the recent set of investors looking for quick gains and complains even when the market is just consolidating. Another reason why this investors can hold on to the coin for long is mostly because some have extra bitcoin elsewhere that they have been using or taking profit on and this allows them hold till when they want