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

Cryptocurrency trader and analyst Ali Martinez, famous for his frequently posted crypto price predictions on the X platform, has published a chart that shows a staggering Bitcoin sell-off as the leading digital currency made a price increase.

As Bitcoin rose by 5.25% and reached the $57,520 zone earlier today, short-sellers, Martinez revealed, rushed to dump a massive 14,816 chunk of Bitcoin, selling it for almost $850,000 million.

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.

Short-term #Bitcoin holders seized the recent price jump to offload approximately 14,816 $BTC, valued at nearly $850 million! pic.twitter.com/hiy37Gxz6X

— Ali (@ali_charts) September 10, 2024

Since Friday, Bitcoin has demonstrated a 7.55% increase followed by a minor decline of 1.5% earlier today. However, BTC quickly regained that marginal loss and is trading at the $57,000 price level now.

Whales have certainly increased their activity now that Bitcoin price has pumped a little. According to the popular blockchain tracker Whale Alert, approximately 20 hours ago, two hefty cryptocurrency transactions were spotted, carrying 4,699 BTC and 3,300 BTC. These transfers were the equivalents of $258,134,540 and $181,243,985. They were transferred between anonymous blockchain addresses.

Dormant Bitcoin wallets reactivated

The above-mentioned data source also spread the word about an ancient Bitcoin wallet which was brought back from a nearly 11-year hibernation. This address holds 19 BTC currently worth an impressive $1,083,541 in fiat.

💤 A dormant address containing 19 #BTC (1,083,541 USD) has just been activated after 10.8 years!https://t.co/BbTnRJOTdZ

— Whale Alert (@whale_alert) September 10, 2024

There has been a whole spree of these dormant wallets returning to life over the past week. On September 9, data about a dormant wallet containing 146 BTC worth $8,094,469 was shared by Whale Alert on the X social media platform. That was a 9,985% value increase from 2013 when this BTC was worth $80,257.

On Friday, two dormant wallets came back to life and one of them was last used in 2012, the year close to the time of Satoshi Nakamoto’s disappearance from the public radar. That wallet showed a staggering value increase of 500,772% as the 31 BTC soared in price from $362 in 2012 to $1,813,156 in 2024.

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