The reappearance of the inactive BTC whales has gained another supporter as an individual dormant whale has moved $122.54M tokens, fueling Bitcoin price risk. As the token has entered a consolidatory phase following the ATH’s rally, the fear is building at its potential crash if the sell-off action of investors continues.
6-Year-Old Dormant Whale Sparks Bitcoin Price Crash Concerns
In an X post, on-chain analytics platform Lookonchain highlighted the emergence of a 6-year-old dormant wallet. A Bitcoin whale with wallet address ‘16yr3M’ has moved out of dormancy, transferring 1,042 BTC worth $122.54M at the current Bitcoin price. Lookonchain notes that the whale received these tokens from Brains Mining and Xapo Bank 6 years ago.
- Source: Lookonchain, Bitcoin Wallet Transaction
At that time, Bitcoin was worth just $8,746, marking a 1243.64% increase today. Notably, many Satoshi-era whales also emerged recently, one moving $2B worth of tokens in the last few days alone. CryptoQuant also noted the increase in the Bitcoin exchange inflows, creating crash concerns.
- Source: CryptoQuant, Bitcoin Exchange Inflows
Notably, with the news breakout of $122.54M move, the performance of Bitcoin declined, as the investors became cautious of the whale’s move. Besides, BTC has been struggling since yesterday due to other whales’ sell-off activities, CPI data release, and other factors.
Bitcoin Price Today: Volatility Still Persists, But Recovery Begins
Following a minor correction today, BTC has regained the crucial $118.5k support at press time, sparking optimism among investors for a further rally. At present, Bitcoin has successfully reached $118.9k, marking a 1.6% surge today.
- Source: CoinMarketCap, BTC Price Chart
This confirms that investors are calming on these large whale movements as they distinguish them from a selling mindset. Besides, the Bitcoin ETF inflows are also peaking, $14.8 billion in YoD, signaling strong investor confidence.
Crypto analysts VIP Signale Bitcoin price prediction point out that the token is on the trajectory to regain key support. Once it holds above it, the BTC price can reclaim the ATH level between $122k-$123k; however, if the price is rejected from this level, a crash to $115k may follow.
If the buying momentum continues, the support could be set, but the US PPI data release and other technical factors need to be considered. Overall, today’s BTC price performance suggests a momentary recharge pause as it awaits fresh catalysts to move further.
Frequently Asked Questions (FAQs)
A dormant Bitcoin wallet ‘16yr3M’ moved 1,042 BTC, raising alarms on potential sell-off.
Initially, the Bitcoin price is negatively affected by these dormant whale activities.
Analysts suggest that if Bitcoin maintains support above $118.5k, it could retest $123k, but if it fails, it could lead to a crash to $115k.
Pooja Khardia
Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section.
Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights.
Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry.
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