{"id":134057,"date":"2020-05-21T11:00:02","date_gmt":"2020-05-21T10:00:02","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=134057"},"modified":"2020-05-22T21:12:34","modified_gmt":"2020-05-22T20:12:34","slug":"sentiment-data-shows-investors-have-overreacted-to-2009-wallets-50-bitcoin-movement","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sentiment-data-shows-investors-have-overreacted-to-2009-wallets-50-bitcoin-movement\/","title":{"rendered":"Sentiment data shows investors have overreacted to 2009 wallet\u2019s 50 Bitcoin movement"},"content":{"rendered":"<p>Bitcoin\u2019s price saw a sharp decline earlier today that came about close on the heels of news regarding a wallet from 2009 moving 50 BTC for the first time in a decade.<\/p>\n<p>Despite there being some initial speculation that the wallet may belong to the mysterious Bitcoin founder \u2013 Satoshi Nakamoto \u2013 data now reveals that this is not the case, and the wallet could simply belong to an early miner.<\/p>\n<p>This has led one analytics platform to note that investor sentiment data seems to indicate that the $400 decline that came about as a result of this news was a severe overreaction.<\/p>\n<p>If this proves to be true, Bitcoin could be in for a swift recovery.<\/p>\n<h2><strong>Bitcoin investors spooked by reports of an early BTC wallet moving crypto<\/strong><\/h2>\n<p>Earlier today transactions confirmed that a wallet from 2009 moved 50 BTC. It was a split transaction, with 40 BTC initially being transferred followed by another 10 BTC.<\/p>\n<p>News of this spread across social media platforms like wildfire, and quickly catalyzed a sharp selloff that led <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> to decline from highs of $9,800 to lows of $9,400.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-134060 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/TVbtc.png\" alt=\"\" width=\"757\" height=\"474\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/TVbtc.png 757w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/TVbtc-300x188.png 300w\" sizes=\"(max-width: 757px) 100vw, 757px\" \/><\/p>\n<p>Shortly following this dip, BTC was able to garner some buying pressure that subsequently allowed it to climb back up into the $9,500 region.<\/p>\n<p>The rebound comes as many investors begin to realize that this was not, in fact, Satoshi Nakamoto who moved this BTC.<\/p>\n<p>As <a href=\"https:\/\/cryptoslate.com\/3-key-data-points-show-it-wasnt-satoshi-who-moved-50-bitcoin-today\/\">reported by CryptoSlate<\/a> earlier today, the \u201cPatoshi pattern\u201d that is unique to the BTC held by the crypto\u2019s founder is not seen on these tokens.<\/p>\n<p>There were also several miners during that time period that likely still hold Bitcoin dating back to 2009. Because it does not appear that these are Satoshi\u2019s coins, it is likely that they are that of an early miner.<\/p>\n<h2><strong>Sentiment data points to an overreaction from investors<\/strong><\/h2>\n<p>If Satoshi were to begin moving or selling his dormant tokens, there would be a legitimate cause for concern.<\/p>\n<p>It does not appear that this is the case, however, making the news-induced selloff an overreaction.<\/p>\n<p>Analytics platform Santiment <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1263150962467901447\">shared data<\/a> regarding investor sentiment during the time in which this news began circulating, explaining that the subsequent selloff indicates that there was a \u201cpretty large overreaction\u201d to the news this morning.<\/p>\n<blockquote><p>\u201cBTC took a slight dip over the past hour of about -4%. Social volume is indicating that there was a pretty large overreaction to this, and it settled down quickly as prices began to bounce.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_134059\" aria-describedby=\"caption-attachment-134059\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-134059 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/BTCSocialVolume-1024x555.jpg\" alt=\"Bitcoin\" width=\"1024\" height=\"555\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/BTCSocialVolume-1024x555.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/BTCSocialVolume-300x163.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/BTCSocialVolume-768x416.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/BTCSocialVolume-1536x833.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/BTCSocialVolume.jpg 1584w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-134059\" class=\"wp-caption-text\">Image Courtesy of Santiment<\/figcaption><\/figure>\n<p>If there are no further developments regarding this situation, it is possible that Bitcoin will see a swift recovery.<\/p>\n<p>Bitcoin BTC<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price saw a sharp decline earlier today that came about close on the heels of news regarding a wallet from 2009 moving 50 BTC for the first time in a decade. Despite there being some initial speculation that the wallet may belong to the mysterious Bitcoin founder \u2013 Satoshi Nakamoto \u2013 data now reveals [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":134078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[60786,63036],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sentiment data shows investors have overreacted to 2009 wallet\u2019s 50 Bitcoin movement<\/title>\n<meta name=\"description\" content=\"Sentiment data indicates that today&#039;s $400 Bitcoin dip that came about as a result of a 50 BTC transaction from a 2009 wallet was a severe overreaction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/sentiment-data-shows-investors-have-overreacted-to-2009-wallets-50-bitcoin-movement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sentiment data shows investors have overreacted to 2009 wallet\u2019s 50 Bitcoin movement\" \/>\n<meta property=\"og:description\" content=\"Sentiment data indicates that today&#039;s $400 Bitcoin dip that came about as a result of a 50 BTC transaction from a 2009 wallet was a severe overreaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/sentiment-data-shows-investors-have-overreacted-to-2009-wallets-50-bitcoin-movement\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-21T10:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T20:12:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/bitcoin-panic.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/sentiment-data-shows-investors-have-overreacted-to-2009-wallets-50-bitcoin-movement\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/sentiment-data-shows-investors-have-overreacted-to-2009-wallets-50-bitcoin-movement\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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