Witness the resurrection of dormant Bitcoin whales after over a decade of hibernation! The latest data from Whale Alert reveals the reactivation of a wallet that has been inactive for 11.9 years, now containing 31 BTC. What’s astonishing is that this seemingly modest amount has now skyrocketed to a value of $1,813,156 in fiat, marking a mind-blowing 500,772% profit surge since 2012.
Bitcoin ETFs Experience Massive Outflows – Impact on Market Sentiment
Spot Bitcoin ETFs are witnessing significant outflows for the sixth consecutive trading day, with notable players like Fidelity, Grayscale, and VanEck facing substantial losses. On the flip side, Bitwise managed to attract a modest $9.5 million in BTC inflow, while other ETFs remained stagnant in terms of both inflows and outflows.
This continuous trend of outflows has been contributing to the bearish sentiment in the market, compounded by a recent 5.37% price drop in Bitcoin. The sell-off frenzy in the U.S. stock market, resulting in approximately $1 trillion worth of stocks being offloaded, further added to the market’s woes.
Financial expert Jim Cramer highlighted that the sell-off targeted specific sectors, including AI/data centers, housing, and oil businesses. Additionally, the U.S. Department of Justice’s actions against major chip-making companies for potential antitrust violations added to the market uncertainty.
As the crypto market experiences these fluctuations, it’s crucial for investors to stay informed and cautious about the evolving trends and their potential impact on their financial portfolios.