An ancient wallet on the Bitcoin (BTC) network has suddenly come back to life, reports Whale Alert on social media platform These activities are drawing the attention of the BTC community, with some fearing that this is a harbinger of further selling by major whales. This could be a potentially bearish signal for the Bitcoin price.
The whale in question moved a whopping 404 BTC with a total value of almost $40 million. The transaction took place after almost 11 years of inactivity. This makes the wallet one of the earliest adopters of Bitcoin. The owner managed to amass his BTC holdings by starting to mine the cryptocurrency at an early stage.
More old BTC addresses become active
It’s not the only old wallet showing recent activity. Another BTC wallet, which was also inactive for about 11 years, moved 429 bitcoin worth $41.7 million. It is no surprise that more and more old addresses are coming back to life. Bitcoin’s recent price explosion has seen many early holders make significant gains.
It is expected that these whales will sell some of their assets on exchanges to cash in on their profits. This could have a depressing effect on the BTC price, as higher sales volumes put pressure on the market.
Analysts remain bullish on Bitcoin
Although whale selling appears to be depressing the Bitcoin price, analysts remain optimistic. The largest cryptocurrency fell 1.2% in the past 24 hours to the current level of $96,500. Still, many analysts believe that the BTC price could break the important $100,000 barrier in the short term.
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Source: https://newsbit.nl/11-jaar-inactieve-bitcoin-wallet-komt-tot-leven/
