Bitcoin Whales Stir Market Anxiety with Activation of Inactive Wallets
In recent days, there has been a surge in activity among Bitcoin whales, with previously dormant BTC addresses suddenly becoming active. This unexpected move has sparked concerns in the market, as it could potentially trigger a wave of selling.
One notable incident involved a whale, tracked by Whale Alert, a platform that monitors crypto whales. A wallet that had been inactive for over a decade suddenly came to life, causing a stir in the crypto community. This wallet was reported to hold 43 Bitcoins, valued at approximately $2.5 million based on the current price of BTC, which had recently surpassed the $63,000 mark before experiencing a 3.74% drop in the past 24 hours, bringing it to around $60,000.
The impact of whale activity on Bitcoin’s price was evident in March 2024, when the rise in spot Bitcoin ETF entries pushed BTC to a new all-time high of over $73,000. However, this was followed by a sharp decline, exacerbated by the FED’s interest rate decision, which caused BTC’s price to fall to $58,500.
Another significant whale movement occurred in early June, when a Bitcoin address that had been dormant for over 5 years suddenly reappeared, sending 8,000 BTC to the Binance exchange in 6 different transactions, totaling $535 million at the time. Such large transactions are known to create substantial selling pressures in the market.
Despite these developments, the current state of Bitcoin shows some signs of stabilization, with a 3% drop in price over the past 24 hours but still holding above the $60,000 level. The market cap has fallen to $1.188 billion, while trading volume has increased by over 40%, surpassing $29 billion, indicating a surge in selling activity to offset potential losses.
As always, it’s important to note that the information provided in this article should not be construed as investment advice. Cryptocurrencies are highly volatile and carry inherent risks, and investors should conduct their own research before making any financial decisions. For the latest updates, you can follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
