14-Year Old Dormant Bitcoin Wallet Wakes Up To Crash BTC Price
07 Março 2024 - 10:00AM
NEWSBTC
The Bitcoin foray past its previous all-time high into new
territory was short-lived as the crypto dipped in the hours after.
On-chain data has shown an interesting scenario that contributed to
selling pressure leading to the crash. According to Spot On Chain,
a dormant Bitcoin address holding $67.1 million worth of Bitcoin
recently came to life after 14 years of inactivity to sell all of
its large holdings. Bitcoin Wallet Wakes Up To Crash BTC Price
Bitcoin recorded a new all-time high of $69,200 during the week to
surpass the previous record set in November 2021. This long-awaited
Bitcoin milestone ignited a strong feeling of euphoria among crypto
traders as it marked the first step to a six-digit Bitcoin price.
However, this euphoria was short-lived as the new all-time high
caused a wave of profit-taking among investors, which resulted in
Bitcoin falling to $61,200 in the hours that followed. Related
Reading: Analyst Predicts Massive Rally For Dogecoin Price With A
$1 Target, Here’s How On-chain data from Spot On Chain indicates
that this crash was further exacerbated by a long-dormant Bitcoin
whale. The whale address, which had remained inactive since 2010,
woke up after the new Bitcoin all-time high to sell all of its
holdings. According to Spot On Chain, the whale minted 1,000
BTC back in 2010 when the price was below $0.28. That would mean
the Bitcoins were worth $280 at the time they were acquired. By the
time they were sold on the crypto exchange Coinbase, the Bitcoins
were worth $67,116 per coin, suggesting that the whale might have
profited over $60 million. A dormant whale woke up
after 14 years to deposit all 1,000 $BTC ($67.1M) to #Coinbase at
$67,116 ~20 hours ago, allegedly contributing to the recent market
crash! The whale minted those $BTC in 2010 when the price was below
$0.28, suggesting that the whale might just have taken…
pic.twitter.com/VBj6VvzAuH — Spot On Chain (@spotonchain) March 6,
2024 The Bitcoin blockchain is home to many active and dormant
whale addresses. The reactivation of old, dormant wallets
containing massive amounts of BTC like this one tends to attract
the interest of investors about who owns them. The reactivation of
dormant addresses is impossible to predict, and not all of them
indicate profit-taking. What’s Next For BTC? Bitcoin’s
pullback after setting a new all-time high was anticipated by some
expert traders. The crypto has since regained its footing after the
dip and is now trading at $66,915. Related Reading: Crypto
Analyst Predicts XRP Price To Break Out Of Bull Pattern, Here Are
The Targets Most of the recent spike can be attributed to massive
accumulation from traders and institutional inflow into Spot
Bitcoin ETFs. Despite outflows from Grayscale’s ETF, the total net
flow into the ETFs was $332 million yesterday. The total net flow
since January 11 has now crossed over $8.895 billion. At the same
time, Bitcoin whale transactions worth at least $100,000 now stand
at $187 billion in the past seven days. BTC price at $67,000 |
Source: BTCUSD on Tradingview.com Featured image from ABC News,
chart from Tradingview.com
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