Whopping $1.7 Billion In Bitcoin in 72 Hours – What’s Going On?

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As a seasoned cryptocurrency analyst with over two decades of experience in the financial markets, I find myself intrigued by the latest developments in the Bitcoin market. The recent dumping of 30,000 BTC by miners, worth approximately $1.71 billion, is a significant event that has caught my attention. This is not an uncommon occurrence, but the sheer magnitude of this sale is certainly striking.

Analyst Ali Martinez, known for his cryptocurrency forecasts on the X social media platform (previously Twitter), recently disclosed a significant quantity of Bitcoin was sold over the last 3 days.

30,000 Bitcoins, valued at around $1.71 billion in traditional currency, were offloaded by BTC miners according to data from on-chain data provider Santiment. This week, analyst Ali has reported multiple instances of large amounts of Bitcoin being sold by significant holders. However, the amount dumped earlier this week is significantly smaller compared to the sale made by the miners.

#Bitcoin miners have sold over 30,000 $BTC in the last 72 hours, worth around $1.71 billion! — Ali (@ali_charts) September 11, 2024

Whales scoop up Bitcoin as BTC price drops

Over the last three days, Bitcoin has experienced a mini up-and-down ride similar to a roller coaster. The price hiked significantly by over 8% between Sunday and Tuesday, rising from approximately $53,700 to about $58,000. However, this surge was followed by a quick drop of nearly 4%, causing the value to decrease to its current level of around $55,700.

At this point, Bitcoin has formed two upward candles on its hourly chart, resulting in a 2.3% increase, pushing the price back up to around $57,000.

On Tuesday, it was shared that temporary investors took advantage of the rise in Bitcoin’s value, selling approximately $850 million worth of the cryptocurrency.

Over the past day, miners have offloaded Bitcoin to cover costs and gain some earnings, while mysterious ‘whales’ have been acquiring substantial amounts of Bitcoin from Kraken, a significant U.S. exchange. According to Whale Alert, there were four transactions – withdrawals originating from this platform, containing 3,009 BTC each. These unidentified wallets have together bought around half a billion US dollars’ worth of Bitcoin today.

Ancient Bitcoin wallets awaken today

According to the recently discussed Whale Alert crypto monitor, it was disclosed over the past 24 hours that two previously inactive digital currency wallets became active, each containing a substantial amount of Bitcoin estimated in the millions.

💤 An inactive Bitcoin wallet holding approximately 108 Bitcoins (equivalent to around 6 million dollars at current exchange rates) has sprung back to life after being dormant for almost eleven years (which would have been worth about 87,000 dollars back in 2014)!

— Whale Alert (@whale_alert) September 11, 2024

For the first time in over a decade, these old blockchain addresses were activated again, carrying 185 Bitcoin worth approximately $10.6 million and 108 Bitcoin valued at around $6.1 million. Remarkably, the smaller amount of 108 BTC, which was originally valued at just $87,000 in 2014, has seen a staggering 6,867.51% increase in value.

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2024-09-11 19:32