$850 Million in Bitcoin Sees Quick Sell-Off – What’s Going on?

As a seasoned crypto investor with over a decade of experience in this rollercoaster ride called the cryptocurrency market, I find myself both intrigued and cautiously optimistic about the recent developments in the Bitcoin landscape. The sudden surge of short-term sell-offs following the price increase is a phenomenon I’ve seen before, and it often signals a potential correction in the near future. However, I’m not one to bet against the resilience of Bitcoin – after all, it has weathered numerous storms and emerged stronger each time.


As a dedicated researcher delving into the world of cryptocurrencies, I’ve come across an intriguing chart published by Ali Martinez, a well-known trader and analyst in our community, who frequently shares crypto price predictions on the X platform. Interestingly, this graph suggests a significant Bitcoin sell-off occurring concurrently with an increase in price for the leading digital currency.

Speaking as a crypto investor, I witnessed an intriguing turn of events today. When Bitcoin surged by approximately 5.25% and touched the $57,520 mark, it seemed that short-sellers like Martinez panicked and hurriedly unloaded a substantial amount of Bitcoin – about 14,816 units, to be precise. This sell-off translated into a whopping nearly $850 million in value. The market is always full of surprises!

He tweeted to his X followers: “Short-term #Bitcoin holders seized the recent price jump to offload approximately 14,816 $BTC, valued at nearly $850 million!”, sharing data provided by CryptoQuant.

As a researcher studying the cryptocurrency market, I recently observed that short-term Bitcoin holders capitalized on the latest price surge to sell approximately 14,816 Bitcoins, equating to a staggering $850 million in value.

— Ali (@ali_charts) September 10, 2024

Over the past few days, Bitcoin has risen by about 7.55%, but dipped slightly by 1.5% this morning. However, it swiftly recovered from that slight drop and is currently being traded at approximately $57,000.

It appears that whales (large Bitcoin holders) have become more active as the price of Bitcoin has risen slightly. As reported by Whale Alert, about 20 hours ago, two significant transactions involving Bitcoin were detected. One transaction moved 4,699 BTC, which is equivalent to around $258 million, while another transferred 3,300 BTC, or approximately $181 million. These transactions took place between unidentified blockchain addresses.

Dormant Bitcoin wallets reactivated 

Additionally, it’s worth noting that the data source we discussed earlier has made public information about an old Bitcoin wallet. This wallet, which had been dormant for approximately eleven years, now contains roughly 19 Bitcoins. At the current exchange rate, that equates to a significant sum of around $1,083,541 in traditional currency.

💤 A dormant address containing 19 #BTC (1,083,541 USD) has just been activated after 10.8 years!— Whale Alert (@whale_alert) September 10, 2024

Over the past week, a significant number of inactive Bitcoin wallets have been reactivated. On September 9th, information about an inactive wallet holding approximately 146 Bitcoins (worth around $8,094,469) was posted by Whale Alert on social media platform X. This represents a substantial increase of over 9,985% in value compared to 2013 when the same amount of Bitcoin was only worth about $80,257.

On a Friday, two cryptocurrency wallets that had been inactive for some time became active again, and one of them was last utilized in the year close to when Satoshi Nakamoto vanished from public attention. Remarkably, this wallet displayed an astounding growth of 500,772%, as the 31 Bitcoins within it rose dramatically in worth from $362 in 2012 to an impressive $1,813,156 in the year 2024.

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2024-09-10 16:38