Bitcoin Whale Wakes Up After 14 Years of Slumber

In a dramatic twist of events, a sleeping whale from the early days of Bitcoin emerged from the depths of cryptocurrency history, taking a monumental step.

Spot On Chain reported that the long-term Bitcoin holder, who had been inactive for 14 years, sent as much as 1,000 BTC to Coinbase, shocking the market. This batch of Bitcoin was minted in 2010, and is currently worth up to $67.1 million, while Bitcoin’s price was only a fraction of its current value at the time, indicating a potential profit of about $60 million.

This unexpected awakening coincided with Bitcoin soaring to a historic high of $69,000, but was followed by a sharp decline. The subsequent market crash caused Bitcoin’s price to drop 14% to $59,000, triggering panic among traders.

According to CoinGlass data, positions worth more than $1 billion were liquidated in just 24 hours, of which long positions accounted for $796.95 million. For a long time, the appearance of such ancient whales has been regarded as a sign of market turmoil, usually heralding a wave of sell-offs and increasing pressure.

History seems to repeat itself, raising doubts about the stability of the current bull market. The appearance of this whale raised questions among people: are there other Bitcoin holders lurking in the shadows of cryptocurrency history?

As the cryptocurrency market has grown from its initial obscurity to an industry worth trillions of dollars, the actions of these early adopters have significant implications. The sudden revival of the Satoshi-era whale reminds us bitterly that there are unpredictable forces in the cryptocurrency field.

Sentiment: Neutral