9 Years Inactive Address Moved 6,070 Bitcoins As BTC Dropped Deeply To $28,000

Key Points:

• Anonymous Bitcoin address has been activated after more than 9 years of inactivity and transferred 6,070 Bitcoins (approximately US$178 million) today.
• Bitcoin price recorded a short-lived 5% drop towards the $28,800 mark.
• The reason for the price drop is attributed to the UK’s inflation report of more than 10%.

An anonymous Bitcoin address unexpectedly moved over 6000 BTC amid a sharp price drop due to concerns about the UK’s rising inflationary effects.

According to data monitoring by Whale Alert, the anonymous Bitcoin address was activated after more than 9 years of inactivity and transferred 6,071 Bitcoins (about $178 million) as of this morning.

Especially, which is worth 3,362,853 in 2013. USD, the current floating profit is about 53 times. The whale’s purpose for moving large amounts of BTC remains unclear.

Bitcoin (BTC) slipped more than 3% in just 15 minutes in the European morning on Wednesday, bringing the largest cryptocurrency by market capitalization below $30,000. CoinDesk data shows that further drops take it to as low as $28,800 and further declines are likely.

Over $30 million in bitcoin futures has been liquidated. Long, or betting on rising prices, accounts for 95% of the position.

The sell-off took place but didn’t appear to be due to any immediate underlying reason, but an unusually large sell order on crypto exchange Binance and unexpectedly high inflation numbers in March of the UK by more than 10% may have influenced market sentiment. The hotter-than-expected UK CPI may have affected risk assets, including BTC, according to the analyst. But the severity of the reaction was far more severe than in other asset classes.

The drop led to a sell-off in the broader crypto market, with ether (ETH), polygon (MATIC) and dogecoin (DOGE) all down around 5% over the past 24 hours and solana (SOL) losing nearly 9%.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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