Two former whales wake up after more than 10 years to move 160 bitcoins – DiarioBitcoin

Amidst the bearish pressure facing the crypto market, two whales with more than 10 years of experience registered activity, and moved more than 160 bitcoins in unknown directions.

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• Two whales Bitcoin are reactivated after more than 10 years of inactivity
• Between yesterday and today, together they moved more than 160 BTC valued at almost USD $9.6 million
• The moves occur amid the ongoing bear market
• Bitcoin It is quoted at around USD $58,000 at the time of publication.

Amidst the bearish conditions facing the crypto market, a couple of whales Bitcoin that had been inactive for several years began to register movements again, transferring more than 160 bitcoins in a few operations.

Two whales are reactivated Bitcoin with more than 10 years of inactivity

According to information shared by X’s account @Whale_alert, The first of the whales moved about 119 today bitcoins valued at more than USD $6.8 million.

💤 A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0

— Whale Alert (@whale_alert) July 4, 2024

As indicated Whale_alert, As an interesting fact, this whale had been inactive for more than 12 years, so these bitcoins would have been acquired in 2012 for less than USD $600 at that time.

In the other case we have a whale that dates back to 2014, just over 10 years old, which moved about 43 BTC (2.5 million) to an unknown address.

💤 A dormant address containing 43 #BTC (2,603,419 USD) has just been activated after 10.4 years!https://t.co/Q6axvLpjyO

— Whale Alert (@whale_alert) July 3, 2024

Bearish pressure on the market

While it is not unusual for certain long-standing whales to register activity after years of dormancy, these movements occur in the midst of a sharp price correction.

For this July 4th we have to Bitcoin It fell below $57,000 for a moment in the morning hours, amid strong bearish pressure.

As stated in a previous report, the bearish price action in the digital asset market coincided with a series of events that have triggered widespread bearish sentiment among traders.

Among the most notable events are the expectations for the compensation process of Mt. Gox to the victims, which would imply the arrival on the market of some 141,000 bitcoins which will be distributed among those affected. Analysts point out that this amount could represent a significant movement, since it would introduce a large amount of liquidity in the midst of a reduction in demand, negatively impacting the price of Bitcoin on major exchanges.

On the other hand, there are the continuous movements of bitcoins that the German government has been carrying out for the past few weeks. The associated wallets have moved an estimated more than USD $800 million in Bitcoin to exchange platforms, suggesting possible massive sales of the cryptocurrency. This Thursday, the authorities of that European country made another series of deposits for 1,300 BTC to the exchanges Coinbase, Bitstamp and Kraken.

Another element that adds to the downward pressure has to do with the possible withdrawal of Joe Biden for reelection in the US. Reports published today indicate that the president could cease his efforts after the debate in which he participated with candidate Donald Trump last Thursday, so the party Democrat may be considering another representative for the presidential race.

Due to these and other events, the price of Bitcoin has been affected, trading at around USD $58,165 per unit at this time, a figure that represents a fall of 2.6% in the last 24 hours.

Article by Angel Di Matteo / Bitcoin Diary

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be appropriate for retail investors, as the total amount invested could be lost. Check the laws of your country before investing.