Bitcoin Wallet Moves $51M After 14 Years as FOMO Hits Highest Since 2024

• A dormant Bitcoin wallet moved 600 BTC worth $51.28 million after more than 14 years, with no confirmed sale
• Bitcoin FOMO reached its highest level since December 2024 as the price approached $87,000
• Crypto short liquidations totaled approximately $648 million, while open interest rose 7.6% to roughly $156 billion

A Bitcoin wallet moved $51.28 million worth of BTC after more than 14 years without a transaction, according to recent reports. The transfer came as the Bitcoin price approached $87,000 and bullish chatter reached its highest level since December 2024. While traders celebrated the gains, Santiment’s data offered a reason to be cautious. Hundreds of millions of dollars in short positions had been wiped out, yet the market’s appetite for leveraged bets kept growing.

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Bitcoin FOMO Climbs as Leveraged Bets Build

Santiment’s recent post showed bullish language pulling well ahead of bearish commentary as Bitcoin approached $87,000. Across the crypto market, approximately $648 million in short positions were liquidated over its reported 24-hour window, while trading volume increased 39%.

Those forced closures helped accelerate the rise. Traders betting against the market had to cover positions as prices climbed, adding buying pressure.

Yet leverage remained substantial. Aggregate crypto open interest, the dollar value of outstanding derivatives contracts, rose 7.6% to approximately $156 billion. The increase suggests the liquidation wave had not persuaded traders to reduce their exposure, although dollar-denominated open interest also changes with asset prices.

Santiment’s analysis cautioned that crowded bullish expectations can accompany local price peaks. It does not establish that a reversal is imminent, but it complicates the idea that stronger enthusiasm necessarily means a healthier rally.

Some traders were already taking profits. Analyst Ted Pillows said he sold his remaining Bitcoin at $85,000 after buying between $58,000 and $62,000. He said,

“There’s a lot of FOMO building on Twitter right now.”

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Dormant Bitcoin Wallet Moves Coins Once Worth $4,800

Amidst this, Lookonchain flagged a dormant Bitcoin wallet that transferred 600 BTC after more than 14 years of inactivity. The coins were valued at approximately $51.28 million when they moved, according to reporting on the transaction.

The wallet received them when Bitcoin traded around $8, putting their value then at roughly $4,800, Lookonchain reported. On those figures, their dollar value increased approximately 10,683-fold.

The calculation does not establish the owner’s purchase price or a realized profit. Moving coins between addresses alone cannot show whether they were sold, transferred to another person, or moved into different storage.

The Bitcoin whale transfer coincided with the burst of optimism. Whether the coins eventually reach an exchange remains a separate question from whether fresh buying can sustain Bitcoin’s rally.

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