Whopping $1.7 Billion In Bitcoin in 72 Hours – What’s Going On?

Cryptocurrency analyst Ali Martinez who frequently shares crypto price predictions on his account on the X social media platform (formerly popular as Twitter) has revealed that an astounding amount of Bitcoin has been dumped during the past 72 hours.

That was 30,000 Bitcoin worth approximately $1.71 billion in fiat and this enormous amount of crypto was sold by BTC miners. The data shared by the analyst came from the on-chain data vendor Santiment. This not the first report this week from Ali about large amounts of Bitcoin getting sold by large holders. However, the chunk dumped earlier this week is much smaller than the one sold by the miners.

Whales scoop up Bitcoin as BTC price drops

Over the past three days, the price of the world’s flagship cryptocurrency went on a mini roller-coaster. Between Sunday and Tuesday, Bitcoin printed a substantial price increase of slightly more than 8%, rising from $53,700 to the $58,000 level. However, that was followed by a steep rebound of 4% which ended earlier today, bringing Bitcoin down to $55,700.

By now, BTC has printed two green candles on an hourly chart and risen 2.3%, regaining the $57,000 price level.

On Tuesday, Martinez also spread the word about short-term traders profiting on the Bitcoin price surge by selling $850 million worth of BTC.

While miners have been selling Bitcoin to cover their operational expenses and make some profits from their work, anonymous whales have been buying large amounts of Bitcoin from major US-based exchange Kraken. According to Whale Alert, over the last 24 hours, there have been four transfers – withdrawals made from this platform, carrying 3,009 BTC each. These unknown wallets have purchased roughly half a billion worth of US dollars in total today.

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Ancient Bitcoin wallets awaken today

The above-mentioned Whale Alert crypto tracker spread the word that during the period of the last 24 hours, two dormant cryptocurrency wallets awakened with millions of BTC hidden in each of them.

This was the first time these ancient blockchain addresses were reactivated after 10.7 and 11 years. They contained 185 BTC and 108 BTC worth $10,553,799 and $6,061,736, respectively. The one with 108 BTC was valued at $87,000 back in 2014, which constitutes a massive 6,867.51% increase in profit.