11-Year Dormant Bitcoin Wallet Strikes with 200,000% Profit in Surprise Awakening

In a tweet posted on February 8th, PeckShieldAlert claimed that a Bitcoin wallet that had been idle for almost 11 years was once again accepting Bitcoin transactions as of today. Upon awakening, the wallet promptly sold almost all of the bitcoins it had stored.

About $412 BTC (about $9.6 million) were sent and received from the inactive Bitcoin wallet address. Close to eleven years have passed since the wallet was last used, during which time the Bitcoin it contained, acquired in 2012, reaped a substantial profit.

According to information compiled by BitInfoCharts, the wallet made a profit of $27,000,000 in November of 2021. If the wallet owner had opted to sell when Bitcoin’s price was at its all-time high of $68,000 in November 2021, he would have earned a larger profit. 

To put it another way, the current Bitcoin price is 66% lower than the all-time high. However, the recent Bitcoin price increase seems to be the driving force behind the current selling pressure.

Will This Affect Bitcoin’s Price?

Bitcoin selloff by inactive wallet addresses may be explained, but this isn’t good news for the cryptocurrency’s value. At press time, BTC is worth $23,100, and its weekly chart is mostly bearish.

After Bitcoin’s price went below $22,700 earlier in the week, it recovered, but bulls could not overcome the ask liquidity at $23,400 and above. According to Santiment’s statistics, there were 12,069 Bitcoin transactions above $100,000 on the network on January 4, 2023. A month later, though, the number of daily whale transactions plummeted below 8,000.

The rising interest in important altcoin markets and the widespread pessimism about BTC are primarily to blame for the shift. The rising sale pressure from whales with balances of 100 to 1,000 BTC is another key measure that has set the pace for recent flat performance. The wallet balances of these investors have historically been significantly connected with the price of Bitcoin.

However, the market might see gains if a continuation is triggered and a new intraday high is reached in the hours ahead. The US session may be a better time to witness an increase towards $23,800 if the European session cannot achieve so. Unless the European and American trading sessions post uniformly positive results, a breakout above seems unlikely.

Source: https://coinpedia.org/news/11-year-dormant-bitcoin-wallet-strikes-with-200000-profit-in-surprise-awakening/