Dormant Bitcoin whales continue to arise from the dormancy in which they have spent the last 10-12 years. Today, according to the popular blockchain tracker Whale Alert, which monitors large crypto transactions, another wallet was reactivated after many years of staying out of the market game.
This whale has experienced a mammoth growth on his initial Bitcoin investment, made when the shadow of the mysterious BTC creator Satoshi Nakamoto still hung over the crypto community.
Satoshi-era wallet returns with huge profit
The wallet in question was reactivated after 11.9 years unused, and it contains 31 BTC. This seemingly modest amount of the original cryptocurrency now comprises the equivalent of $1,813,156 in fiat, while back in 2012, it was worth only $362. This constitutes a staggering 500,772% profit increase.
💤 A dormant address containing 31 #BTC (1,813,156 USD) has just been activated after 11.9 years (worth 362 USD in 2012)!https://t.co/LiH5eQRtQH
— Whale Alert (@whale_alert) September 5, 2024
Over the past month, the aforementioned data source has shared that at least a dozen Bitcoin whales had brought their previously dormant BTC wallets back from dormancy. Each of them showed massive percentage gains in profits.
Bitcoin ETFs keep losing Bitcoin
As reported by analytics account @spotonchain, spot Bitcoin ETFs continue to register massive outflows – this has been occurring for the sixth consecutive trading day already. The only Bitcoin ETF that has welcomed a positive net inflow was Bitwise, with a modest $9.5 million in BTC coming into it.
As for the rest of the ETF cohort, Fidelity, Grayscale and VanEck faced outflows of $7.6 million, $34.2 million and $4.9 million on Sept. 4.
The rest of the Bitcoin ETFs, including BlackRock’s IBIT, the largest spot BTC fund, have seen zero inflows and outflows. Overall, the ETFs lost $37 million worth of Bitcoin on Wednesday.
🚨 US #ETF 03 SEP: 🔴$37M to $BTC and 🔴$38M to $ETH
🌟 BTC ETF UPDATE (final): -$37M
• The net flow has been negative for 6 consecutive trading days.
• Only #Bitwise (BITB) saw an inflow yesterday but the volume was small.
🌟 ETH ETF UPDATE (final): -$38M
• The net flow… pic.twitter.com/dgEwDTk8JO
— Spot On Chain (@spotonchain) September 5, 2024
These ETFs seeing big Bitcoin outflows for a week already have been contributing to the overall bearish impact on the market recently. Besides, yesterday, Bitcoin’s 5.37% price crash was also impacted by the staggering sell-off in the U.S. stock market, with approximately $1 trillion worth of stocks sold.
According to financial commentator Jim Cramer, that sell-off targeted AI/data center/computing companies and also those dealing in the housing and oil businesses. That coincided with the U.S. Department of Justice issuing a subpoena against the Nvidia behemoth and several other chip-making companies, suspecting them of violating antitrust laws.
