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.
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.
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
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.
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.