14-Year Dormant Wallet Dumps 20K BTC, Stoking Correction Worries
Main Idea
A long-dormant Bitcoin wallet holding over 80,000 BTC has become active, selling 20,000 BTC and transferring billions more to institutional custodian Galaxy Digital, raising concerns about potential market impact.
Key Points
1. A Bitcoin wallet inactive for over 14 years sold 20,000 BTC worth $2.4 billion and transferred additional BTC to Galaxy Digital.
2. The wallet originally held 80,000 BTC, with 40,009 BTC moved to Galaxy Digital in multiple transactions.
3. Analysts compare the activity to the 2024 Mt. Gox wallet reactivations, which preceded a 31% BTC price drop.
4. The sell-off is being managed professionally via Galaxy Digital, suggesting a controlled distribution.
5. Despite the large volume, institutional and OTC demand may absorb the supply without significant market disruption.
6. Bitcoin recently hit an all-time high of over $123,000 but has since dipped 4% to $117,500.
Description
A Bitcoin (BTC) wallet holding over 80,000 BTC, untouched for more than 14 years, has sprung to life, liquidating 20,000 BTC worth $2.4 billion and transferring billions more to institutional custodian Galaxy Digital. The sudden movement of these ancient coins, originating from Bitcoin’s earliest days, has sent ripples of anxiety through the market, drawing stark parallels to the Mt. Gox trustee wallet reactivations in 2024 that preceded a brutal 31% BTC price correction. Strategic Moves from a ...
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