Bitcoin News Today: 14-Year-Dormant Bitcoin Wallet Moves 14,273 BTC ($1.67B) via Galaxy Digital Sparking Market Jitters

A long-dormant Bitcoin wallet, inactive for 14 years, has unexpectedly mobilized 14,273 BTC—valued at approximately $1.67 billion—into exchanges via Galaxy Digital, sending ripples through the cryptocurrency market [1]. The movement, dubbed a “fossil hand” by the crypto community, marks a rare and significant event, as the wallet’s sudden activity has sparked speculation about its origins and intent. The bulk of the coins were transferred to Galaxy Digital, with over 9,000 BTC (worth $1.06 billion) reportedly moved in a single hour [1].

The transaction’s structure suggests a coordinated strategy. Over 10,000 BTC were rapidly traded on Binance within four hours, followed by Galaxy Digital withdrawing USDT (Tether) from exchanges, a clear indicator of a liquidation event rather than asset repositioning [1]. The coins, originally acquired at a cost as low as $0.78 per BTC, carry an estimated potential profit of over 152,000 BTC if sold strategically [1]. Blockchain analysts noted heightened activity on Binance, confirming the transaction’s scale [1].

This follows a similar precedent in July, when a dormant whale—active since 2011—sold 80,202 BTC (worth $9.53 billion) at an average price of $118,834. That event, executed through eight wallets, triggered a sharp price correction from a peak of $123,000 to $115,599.26 [1]. The current movement, while smaller in volume, mirrors the pattern of large-scale offloading, raising concerns about renewed downward pressure on Bitcoin’s price.

Market participants are divided on the implications. While the immediate impact on Bitcoin’s price remains unclear, the sheer magnitude of the transactions has amplified fears of a broader selloff. Analysts note that macroeconomic factors, including political tensions and the Federal Reserve’s policy stance, may exacerbate volatility in the near term. However, no specific forecasts for Bitcoin’s price trajectory are cited in the provided data [1].

The event underscores the outsized influence of large holders on cryptocurrency markets. Despite the wallet’s 14-year dormancy, its reemergence highlights the unpredictable nature of institutional or retail whale activity. As Galaxy Digital continues to facilitate high-volume transfers, the market remains on edge, with traders closely monitoring further developments for signals of broader liquidity shifts [1].

Source: [1] [Bitcoin Whale Moves 14,273 BTC After 14 Years of Silence] [https://coinmarketcap.com/community/articles/68834800d9d19935252ecd2f/]

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[1] https://coinmarketcap.com/community/articles/68834800d9d19935252ecd2f/