Bitcoin News: After 11 years, a dormant Bitcoin wallet wakes up and makes 200,000% profit
A Bitcoin wallet address that was not active transferred approximately 412 BTC, which is 9.6 million dollars today. The wallet, which was inactive for almost 11 years, made a huge profit on Bitcoins purchased in 2012.
Although it is possible to justify Bitcoin selloff due to a dormant address, Bitcoin selloff from dormant addresses is generally considered a bearish indicator for Bitcoin price.
Dormant Bitcoin Wallet Makes 200,000% Profit
PeckShieldAlert tweeted on February 8 that a dormant Bitcoin account, which had been inactive for more than 11 years, was now active. The wallet sold most of the BTC stored in it immediately after it woke up.
The wallet’s owner purchased 412.12 BTC for $5,200 in October 2012 when Bitcoin was trading at almost $12 per bitcoin. Today, the wallet wakes up to sell 412 BTC at a profit $9.6 million. This is almost 200,000%.
BitInfoCharts data shows that the wallet made 27 million dollars in November 2021 profit. If the wallet holder had sold in November 2021, when the Bitcoin price reached an ATH of $68.7K, he would have made a greater profit. The Bitcoin price currently trades 66% below its ATH price. The reason for the selloff is likely to be the recent rise in Bitcoin prices.
How it affects the Bitcoin price
In the past, Bitcoin prices have declined due to selloffs of dormant Bitcoin wallets. The Bitcoin price is trading above $23K as U.S. Federal Reserve Chair Jerome Powell embraces deflation in a speech on Tuesday.
BTC price fluctuated between $22,851 (low) and $23,367 (high). The BTC price has risen by almost 2% over the past 24 hours. Trading volume has increased by 7%, which indicates a slight interest from traders. The U.S. Dollar Index is (DXY), however, above 103. This limits any significant increase in BTC prices.
Also read: Binance Signals delay in full audit, Crypto Market FUD To Recur
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