Inactive Bitcoin Wallet from 14 Years Ago Suddenly Unloads 20,000 BTC, Raising Market Concerns

A Bitcoin wallet that has been dormant for 14 years suddenly became active, liquidating 20,000 BTC worth $2.4 billion and transferring billions more to institutional custodian Galaxy Digital. This unexpected activity has caused market unease, due to similarities with the Mt. Gox trustee wallet reactivations in 2024 which led to a significant 31% BTC price correction. However, there are differences, including this sell-off being managed professionally through Galaxy Digital and the fact that institutional and OTC demand is arguably stronger now than last year.

Despite the concerns, Bitcoin achieved a new all-time high of over $123,000, but has since dipped to around $117,500. The situation has led to speculation that another correction similar to the Mt. Gox incident could occur.