In what is fast becoming a trend, a 12.4 year dormant Bitcoin wallet is active again, sparking selloff concern.
A dormant Bitcoin (BTC) whale investor has emerged from the depths of crypto history to make a monumental move. Whale Alert reported that a Bitcoin wallet address containing 400 BTC BTC $111 058 24h volatility: 0.1% Market cap: $2.22 T Vol. 24h: $67.20 B has performed transactions after 12.4 years of dormancy. Many community members have raised questions and speculations about the motive behind such a big move.
Bitcoin Whale Investor Makes Huge Profit
The early Bitcoin whale investor, last active in 2012, transferred part of their coins to two other new addresses, “1381VU” and “31qJAf”. One such transaction involved the transfer of 300 BTC, valued at approximately $20.4 million. The second transaction involved the transfer of 100 BTC, valued at about $7.2 million.
💤 💤 💤 A dormant address containing 400 #BTC (27,284,805 USD) has just been activated after 12.4 years (worth 2,149 USD in 2012)!https://t.co/JQtiJtYQvm
— Whale Alert (@whale_alert) October 25, 2024
Therefore, the 400 BTC transferred from the dormant address is worth about $27 million. In 2012, Bitcoin traded for $2,149 compared to its current value, indicating a potential profit of around $60 million.
This haul, valued at about $27.2 million, was minted in 2012, when Bitcoin mining was relatively easy. This indicates a potential profit of around $27.1 million. The emergence of this whale raises questions about the potential presence of other dormant BTC holders lurking in the shadows. Such a move is often regarded as a harbinger of market turmoil, signaling a wave of selling and increased pressure. It also serves as a reminder of the unpredictable forces at play in the crypto market.
Despite these sizable transfers, the overall market response has been relatively stable, with Bitcoin maintaining a trading price exceeding $68,000. This resilience suggests a cautious approach among investors, awaiting further developments before making large market changes, but with a minor optimistic bias.
At press time, the price of BTC was trading at $68,642, up 1.5% in the past 24 hours. However, the trading volume decreased by 10.7% within the same timeframe to $30.4 billion. This decline suggests investors’ unwillingness to purchase the leading cryptocurrency.
What Bitcoin’s Technical Analysis Says
Based on technical analysis, Bitcoin must consistently close above the $68,000 support in the coming days to achieve bullish momentum. BTC’s next major target is $72,000 in order to gain a chance to regain its all-time high achieved earlier this year.
Crypto analyst ZAYK Charts claims Bitcoin is on the verge of a 31 percent spike to $85,000. The analyst based his prediction on Bitcoin’s breakout from a bullish flag. Amid this development, Microsoft Corporation (NASDAQ: MSFT) has proposed investing in Bitcoin, with shareholders expected to vote in December.
Additionally, Japanese financial and crypto firms are urging regulators to approve Bitcoin exchange-traded Funds (ETFs). The coalition noted that Bitcoin’s long-term stability and high market caps could benefit investors’ asset-building strategies.
With Bitcoin ETFs accessible to investors in the United States, Australia and Hong Kong, Japanese investors believe this product can grant more exposure to new financial products overall.
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