A dormant Bitcoin whale address holding 119 BTC, now worth $6.99M, has reawakened after 12.4 years, conducting multiple transactions.
A dormant Bitcoin whale holding 119 BTC, valued at approximately $6.99 million, was activated after 12.4 years, according to Whale Alert. The address, worth just $599 in 2012, saw multiple transfers in its latest activity, adding to the growing narrative of evolving investor actions in the crypto market.
💤 A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0
— Whale Alert (@whale_alert) July 4, 2024
Detailed Breakdown of the Transactions
Whale Alert also published details of specific transactions totaling 77 BTC. The transfers included amounts such as 1 BTC, 1.9519 BTC, and 50 BTC, among others. Notably, the receiver addresses included 1PUsMdMqwH…zP7ZzBhe1Z receiving 7.9520 BTC and 3Ctd5UVjGn…qunQj9Qztp receiving 69.99 BTC.
Additionally, the address 1NxxietAv8…TQhD6Jv4xG was the most active, with 20 total transactions, including 19 confirmed transactions and one unconfirmed transaction.
Market Reactions and Investor Behavior
Furthermore, CryptoQuant reported increased selling pressure from beginner investors, with approximately $2.4 billion worth of Bitcoin aged between three and six months moving on the network during the recent price drop.
Beginner investors are capitulating and increasing selling pressure
“Approximately $2.4 billion worth of #Bitcoin aged between 3 and 6 months moved on the network during the drop.” – By @caueconomy
Read more 👇https://t.co/W46LKwg9Hb pic.twitter.com/C3OzfIMbSo
— CryptoQuant.com (@cryptoquant_com) July 4, 2024
These entities who bought earlier this year are exhibiting traits typical of short-term investors with less conviction. However, long-term holders, with coins held for over a year, have not significantly increased spending, indicating a different strategy amidst market turbulence.
Significant Movements Amid Market Fluctuations
On June 12, The Crypto Basic reported intense selling pressure as a large investor moved 8,000 BTC to multiple addresses. This occurred during Bitcoin’s largest OTC selling volume since March. Despite this, Bitcoin’s price experienced a significant recovery, spiking 3.26% to $69,440. Nevertheless, investor caution remains due to potential renewed bearish performance.
In May, Bitcoin addresses held 1,000 to 10,000 BTC and added 20,000 BTC, valued at $1.4 billion, during a price increase to $70,000. According to IntoTheBlock, these addresses significantly increased their holdings from 4.91 million BTC to 4.97 million BTC between May 14 and 22. This increase coincided with Bitcoin’s price volatility and notable peaks.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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