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HomeCrypto NewsMarketDormant Bitcoin Whale Wakes up After 14 Years, Makes Damning Selloff Move

Dormant Bitcoin Whale Wakes up After 14 Years, Makes Damning Selloff Move

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A dormant Bitcoin whale has resurfaced after 14 years, contributing to the slump in the BTC price with massive selloff moves.

Bitcoin recorded a new All-Time High (ATH) above $69,000 yesterday. However, it failed to stay at this top for long as intense selloff pressure forced prices down by more than 5%.

Insights from crypto analytics platform Spot On Chain have revealed that among the major sellers is the Satoshi Era whale who dumped 1,000 BTC through Coinbase. Based on the timeline, the coins were sent to the exchange in the runup to the ATH.

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The Bitcoin Whale Transaction

Despite its large size, Bitcoin is still susceptible to selloffs, a trend that was showcased with the current whale dump. The whale liquidated the 1000 BTC for approximately $67.1 million at an average price of $67,116.

The address made about $60 million in profit from these transactions, having reportedly minted the 1,000 BTC when Bitcoin traded below the $0.28 level.

Dormant whale addresses could potentially shape the fortune of any asset, including Bitcoin. While it is difficult to project when they could resurface, their impacts are often slightly measurable.

The cumulative action of this whale and others who possibly sold off Bitcoin has caused the price and market capitalization of the coin to slip 0.53% in the past 24 hours to $67,205.67 and $1,320,263,575,085. Volume is up 27.95% within the past 24 hours to $100,307,545,582.

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Bitcoin Whale Transactions Spike

Bitcoin whale transactions worth at least $100,000 have recorded a massive upsurge over the past 24 hours. IntoTheBlock data shows that these transactions have jumped 35% in 24 hours to a total of $105.58 billion.

Amid the ongoing rally, Bitcoin is exhibiting intense volatility and these whale accounts have contributed massively to the current market dynamics.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Godfrey Benjamin
Godfrey Benjaminhttps://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.

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