Bitcoin (BTC) whale sells its bitcoins after 14 years, making tens of millions of dollars in profit

A bitcoin whale who has held onto his bitcoins for fourteen years is selling them at their peak at Coinbase. It concerns 1,000 bitcoins that he mined in 2010 during the “Satoshi era”. He redeemed it last week for approximately $67 million. In fact, that is pure profit, because the price of 1 bitcoin in 2010 was approximately 28 dollar cents.

Bitcoin whale suddenly active

The moment of the sale is salient, as shown by gdata from crypto analysis service Spot On Chain. The whale move to Coinbase came just as BTC was close to setting its new all-time high. It is one of the reasons why the price corrected after the new all-time high of $69,210. Because nAfter reaching the record, the currency fell back below $60,000 before the current recovery occurred.

A dormant whale woke up after 14 years to deposit all 1,000 $BTC ($67.1M) to #Coinbase at $67,116 ~20 hours ago, allegedly contributing to the recent market crash!

The whale minted those $BTC in 2010 when the price was below $0.28, suggesting that the whale might just have taken… pic.twitter.com/VBj6VvzAuH

— Spot On Chain (@spotonchain) March 6, 2024

Volatile market

Bitcoin is currently worth $67,000, after rising more than 4.8% in the past 24 hours. Some of the market volatility in recent weeks can be attributed to recently launched Bitcoin Exchange-Traded Funds (ETFs) in America. Because to $7.9 billion has flowed into these investment vehicles in recent months. Dhe Deribit’s Bitcoin Volatility Index (DVOL), a measure of the 30-day implied volatility of bitcoin options, rose to a 16-month high.

The index has risen from 41% year-over-year to 76% in just one month, reaching its highest level since November 2022. That’s good news for BTC holders looking to generate income from the options market. Deribit’s overall trading activity has soared, alongside Bitcoin’s 58% rise this year. The total notional open interest for crypto futures and options on Deribit has reached a new peak of $32 billion, with the options market contributing almost $30 billion to this figure.