2024

Bitcoin

when

Spot

The Bitcoin foray past its previous all-time high into new territory was short-lived as the crypto <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">dipped in the hours after</a>. On-chain data has shown an interesting scenario that contributed to selling pressure leading to the crash. According to Spot On Chain, a dormant Bitcoin address holding $67.1 million worth of Bitcoin recently came to life after 14 years of inactivity to sell all of its large holdings. 
<h2 id="bitcoin-wallet-wakes-up-to-crash-btc-price">Bitcoin Wallet Wakes Up To Crash BTC Price</h2> 
Bitcoin recorded a <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-bitcoin-price-soars-to-new-all-time-high-above-69000/">new all-time high</a> of $69,200 during the week to surpass the previous record set in November 2021. This long-awaited Bitcoin milestone ignited a <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-short-term-holders-2-6-btc-crash/">strong feeling of euphoria</a> among crypto traders as it marked the first step to a<a href="https://www.newsbtc.com/bitcoin-news/buckle-up-bitcoin-set-to-smash-150000-mark-says-trading-guru-heres-when/"> six-digit Bitcoin price</a>. However, this euphoria <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-risk-68k/">was short-lived</a> as the new all-time high caused a wave of profit-taking among investors, which resulted in Bitcoin falling to $61,200 in the hours that followed. 
On-chain data from Spot On Chain indicates that this crash was further exacerbated by a long-dormant Bitcoin whale. The whale address, which had remained inactive since 2010, woke up after the new Bitcoin all-time high to sell all of its holdings.&nbsp; 
According to Spot On Chain, the whale minted 1,000 BTC back in 2010 when the price was below $0.28. That would mean the Bitcoins were worth $280 at the time they were acquired. By the time they were sold on the crypto exchange Coinbase, the Bitcoins were worth $67,116 per coin, suggesting that the whale might have profited over $60 million.&nbsp;&nbsp; 
<blockquote class="twitter-tweet"> 
 A dormant whale woke up after 14 years to deposit all 1,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$BTC</a> ($67.1M) to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Coinbase</a> at $67,116 ~20 hours ago, allegedly contributing to the recent market crash! 
 The whale minted those <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$BTC</a> in 2010 when the price was below $0.28, suggesting that the whale might just have taken… <a href="https://t.co/VBj6VvzAuH" rel="nofollow">pic.twitter.com/VBj6VvzAuH</a> 
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1765207783454998782?ref_src=twsrc%5Etfw" rel="nofollow">March 6, 2024</a>
</blockquote> 
The Bitcoin blockchain is home to many active and <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-dormant-address-moves-31-million-btc/">dormant whale addresses</a>. The reactivation of old, dormant wallets containing massive amounts of BTC <a href="https://bitcoinist.com/bitcoin-giant-awakens-whale-1000-btc-years-slumber/" rel="nofollow">like this one</a> tends to attract the interest of investors about who owns them. The reactivation of dormant addresses is impossible to predict, and not all of them indicate profit-taking.&nbsp; 
<h2 id="what-s-next-for-btc">What’s Next For BTC?</h2> 
Bitcoin’s pullback after setting a new all-time high was <a href="https://x.com/coinbureau/status/1765185217235390594?s=20" rel="nofollow">anticipated by</a> some expert traders. The crypto has since regained its footing after the dip and is now trading at $66,915.&nbsp; 
Most of the recent spike can be attributed to massive accumulation from traders and institutional <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-etf-frenzy-blackrock-smashes-expectations-with-788-million-inflows-in-one-day/">inflow into Spot Bitcoin ETFs</a>. Despite outflows from Grayscale’s ETF, the total net flow into the ETFs was $332 million <a href="https://x.com/BitMEXResearch/status/1765630010826559717?s=20" rel="nofollow">yesterday</a>. The total net flow since January 11 has <a href="https://x.com/BitMEXResearch/status/1765630525195121034?s=20" rel="nofollow">now crossed over</a> $8.895 billion. At the same time, Bitcoin whale transactions worth at least $100,000 <a href="https://app.intotheblock.com/coin/BTC" rel="nofollow">now stand</a> at $187 billion in the past seven days. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/WDdHoSiY/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

14-Year Old Dormant Bitcoin Wallet Wakes Up To Crash BTC Price

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