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A dormant Bitcoin wallet address transferred about 412 BTC worth 9.6 million today. The dormant wallet was inactive for nearly 11 years and made a massive profit on Bitcoin purchased in 2012.
While the reason behind Bitcoin selloff by a dormant wallet address can be justified, Bitcoin selloff by dormant wallet addresses is generally considered a bearish indicator of Bitcoin price.
Dormant Bitcoin Wallet Makes 200,000% Profit
PeckShieldAlert in a tweet on February 8 revealed that a dormant Bitcoin wallet, which was inactive for over 11 years has become active again today. The wallet sold mostly all BTC in the wallet immediately after waking up.
The owner of the wallet purchased 412.12 BTC worth $5,200 when the Bitcoin price was trading at nearly $12 per bitcoin in October 2012. The wallet wakes up today to sell 412 BTC for a profit of $9.6 million, making a profit of almost 200,000%.
BitInfoCharts data reveals the wallet was in 27 million profit in November 2021. The wallet holder would have made a better profit if he had decided to sell in November 2021 when the Bitcoin price hit an ATH of $68.7K. The Bitcoin price is currently trading 66% below the ATH price. However, it seems the recent rally in Bitcoin price is likely the reason behind the selloff.
How It Impacts Bitcoin Price
Historically, selloffs by dormant Bitcoin wallets have mostly resulted in a decline in Bitcoin price. However, Bitcoin price continues to trade over the $23K level as U.S. Federal Reserve Chair Jerome Powell embraces disinflation during a speech on Tuesday.
In the last 24 hours, BTC price has made a low and high of $22,851 and $23,367. Thus, the BTC price has increased nearly 2% in the last 24 hours. The trading volume has increased by 7%, indicating a slight interest among traders. However, the U.S. Dollar Index (DXY) is still above 103, restricting any massive increase in BTC price.
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