A long-dormant Bitcoin investor has resumed selling, moving another large batch of coins as crypto markets contend with renewed macroeconomic pressure.
Key Points
- A legacy Bitcoin wallet, dormant since 2013, sold 1,000 BTC today, marking the continuation of a multi-year liquidation.
- The wallet has now offloaded 3,500 BTC since November 2024.
- Sales generated an estimated $330 million in realized profits, reflecting massive gains since the initial acquisition.
- Despite having sold some, 1,500 BTC remain, worth around $106 million, which shows the holder is only partially exiting.
- Activity coincides with Bitcoin’s recent rally losing momentum, highlighting potential caution among large investors.
Legacy Holder Offloads More Bitcoin After 13 Years
A legacy Bitcoin holder has sold 1,000 BTC in a transaction recorded roughly seven hours ago. The sale was valued at about $71.57 million at the time of transfer.
Blockchain records show the investor originally accumulated 5,000 BTC in November 2013, paying about $332 per coin. The activity was identified by the on-chain analytics platform EmberCN, which monitors large wallet movements.
According to the tracker, the wallet began distributing its holdings in November 2024. Since then, 3,500 BTC have been transferred to the crypto exchange Binance. In total, those transfers were worth approximately $332 million.
The average selling price across the transfers stands near $94,786 per Bitcoin, implying an estimated realized profit of about $330 million, EmberCN reported.
Despite the recent activity, the wallet still holds 1,500 BTC. At current market prices, the remaining stash is valued at approximately $106 million.
Bitcoin Slips as Rally Loses Momentum
This renewed whale activity comes as Bitcoin’s recent rebound shows signs of fatigue. Specifically, the cryptocurrency’s relief rally stalled near the $76,000 mark on March 17.
Since then, prices have gradually weakened. At the time of writing, Bitcoin trades at $70,803, down 4.3% over the past 24 hours, though still up 2% on the week.
More broadly, the pullback mirrors weakness across traditional financial markets. On Wednesday, digital assets declined alongside major U.S. equity indexes as investors reassessed risk exposure.
Market sentiment was pressured by hotter-than-expected inflation data, rising geopolitical tensions, and a firmer stance on Iran from U.S. President Donald Trump.
Inflation Data and Policy Outlook Weigh on Risk Assets
New data shows inflation is still a concern. U.S. producer prices rose 3.4% in February, higher than the 2.9% economists expected. This suggests price pressures are stronger than anticipated.
Rising energy costs, partly linked to tensions involving Iran, could make inflation worse. Analysts say this may force the Federal Reserve to keep interest rates higher for longer.
Higher rates usually reduce interest in riskier assets like cryptocurrencies. Still, crypto markets have remained relatively stable so far.
Meanwhile, stock markets declined. The S&P 500 fell 0.4%, the Nasdaq dropped 0.3%, and the Dow lost about 300 points.
In contrast, oil prices jumped sharply. Brent crude rose over 5% to $109 per barrel after reports of attacks on a major gas field shared by Iran and Qatar.
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.
