Ancient bitcoin whale sells all his coins, amounting to $10.6m profit

On Feb 13, 2023

An ancient BTC address of the Satoshi era has returned and sold all his BTC. The whale sold all 514 BTC, which he had held since 2017, amassing a $10.6 million profit.

Dormant addresses are resurfacing

A dormant BTC address whale that has held 514 BTC since 2017 recently sold it all. The whale purchased the BTC when it was trading at $910 and has sold it for around $21,700, gaining a $10.5 million profit.

Bitcoin: spent output age bands. Source: CryptoQuant

The BTC market has been recovering short-term from new demand from new investors wanting to generate money from the current price rise. Glassnode notes that the move will spark a new market cycle causing BTC to move away from the stipulated bear market. The analysts added that at the moment, long-term Bitcoin holders in their last phase of hodling coins are circulating capital to new buyers willing to acquire the BTC.

Another address, a dormant whale for 11 years, also recently cashed out on 412 bitcoins worth about $9.5 million. The address was lastly used in 2012 when BTC traded at $12.50. On the other hand, during the selling time, the price was $22,400.

Last year, another even older wallet from October 2010 cashed out on 489 bitcoins. At the time of purchase, the bitcoin price was $0.19.

BTC price has been rising

Bitcoin has experienced a significant increase in price since mid-Jan. It climbed from below $17,000 to a new year-to-date high of above $24,000. BTC then faced correction and went lower. At the time of writing, it is trading at $21,880. Such price movements are uncertain, yet they favor bulls, especially in the short term.

The next significant resistance is close to the $22,400 and trend line zones. The main resistance is close to $22,500, and a move above this level might lead to a decent price increase. Otherwise, it could drop if BTC does not clear the $22,100 resistance. Notably, the next support will be towards the $21,500 level, and a downside below the level could push the prices toward the $20,500 zone.

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