14-Year Old Dormant BTC Wallet Wakes Up To Crash BTC Price
Bitcoin’s recent all-time high of $69,200, surpassing the previous record set in November 2021, was short-lived as the crypto dipped in the hours following.
On-chain data from Spot On Chain revealed that a dormant Bitcoin address, holding $67.1 million worth of Bitcoin, came to life after 14 years of inactivity to sell all of its large holdings. The new all-time high caused a wave of profit-taking among investors, resulting in Bitcoin falling to $61,200 in the hours that followed.
The crash was further exacerbated by a long-dormant Bitcoin whale, which had remained inactive since 2010, waking up after the new Bitcoin all-time high to sell all of its holdings.
The whale minted 1,000 BTC in 2010 when the price was below $0.28, resulting in Bitcoins worth $280 at the time of acquisition.
By the time they were sold on Coinbase, Bitcoins were worth $67,116 per coin, suggesting the whale might have profited over $60 million.
(With inputs from Shikha Singh)
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