After lying dormant for over 12 years, a Bitcoin whale address holding 119 BTC, currently valued at $6.99 million, has suddenly become active. Whale Alert, a popular blockchain tracking service, reported the awakening of the address, which was only worth $599 back in 2012. The address has been involved in multiple transactions, highlighting the evolving actions of investors in the cryptocurrency market.
Whale Alert provided a detailed breakdown of the transactions, with a total of 77 BTC being transferred. The amounts ranged from 1 BTC to 50 BTC, and various receiver addresses were involved. For instance, 1PUsMdMqwH…zP7ZzBhe1Z received 7.9520 BTC, while 3Ctd5UVjGn…qunQj9Qztp received 69.99 BTC. The most active address, 1NxxietAv8…TQhD6Jv4xG, saw a total of 20 transactions, including 19 confirmed and one unconfirmed transaction.
In addition to these transactions, CryptoQuant reported a surge in selling pressure from beginner investors. Approximately $2.4 billion worth of Bitcoin, aged between three and six months, was moved on the network during a recent price drop. This behavior suggests that these investors lack conviction and exhibit traits commonly associated with short-term investment strategies. On the other hand, long-term holders, who have held their coins for over a year, have not significantly increased their spending, indicating a different approach amidst the market turbulence.
Market fluctuations have resulted in significant movements within the cryptocurrency market. On June 12, The Crypto Basic reported a large investor moving 8,000 BTC to multiple addresses, contributing to Bitcoin’s largest over-the-counter selling volume since March. Despite this, Bitcoin’s price experienced a notable recovery, surging by 3.26% to reach $69,440. However, investors remain cautious due to the potential for renewed bearish performance.
In May, Bitcoin addresses holding 1,000 to 10,000 BTC added 20,000 BTC, valued at $1.4 billion, during a price increase to $70,000. This increase in holdings coincided with Bitcoin’s price volatility and notable peaks, according to IntoTheBlock.
It is important to note that this article is purely informative and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic assumes no responsibility for financial losses incurred.