Long-Silent Bitcoin Whale Resurfaces After 10 Years As BTC Price Soars
October 20 2024 - 9:00PM
NEWSBTC
Crypto whales’ wallets have been the subject of attention and
sometimes obsession since they carry a vast holding of Bitcoin, and
their movement can affect market prices and impact volatility.
Today, many websites and social media users track these wallets and
their most recent transactions. Related Reading: 100% Uptick For
Shiba Inu? Experts Eye Global Reversal As Catalyst Last October
19th, 2024, at 5:45 am, Whale Alert shared that a dormant BTC
address with 25 Bitcoins valued at $1,711,020 was activated after
more than 10 years of inactivity. The wallet’s re-activation comes
at an exciting time when Bitcoin’s price briefly hits $69k. Dormant
Bitcoin Address Boasts 25 BTC According to Whale Alert, the BTC
wallet held 25 BTC, which was valued at $1.71 million. This wallet
has been inactive since 2013 when Bitcoin’s value hovered between
$100 and $266. It was an exciting and tumultuous year for Bitcoin,
as its price dropped to $50 before recovering to $100. With
Bitcoin’s value at less than $1,000, the wallet’s owner holds a
sizable stash after the coin’s meteoric rise in the last few years.
💤 A dormant address containing 25 #BTC (1,711,020 USD) has just
been activated after 10.8 years!https://t.co/jb4vDe7CLO — Whale
Alert (@whale_alert) October 18, 2024 The whale’s reactivation of
the wallet comes when Bitcoin’s price hit $69,000. This isn’t the
first time that BTC flirted with this level. If we can remember,
Bitcoin rallied to over $70,000 in July, setting up a crypto frenzy
in the industry. While Bitcoin failed to sustain its $69k price, it
remains solid, staying within the $68k to $69k level in the last
few days. Speculators and industry watchers also expect BTC to hit
the $70k level soon, backed by the increasing demand for crypto.
Bitcoin traded at the $70k level on June 12th. BTC Pulls Back This
week, Bitcoin failed to sustain its momentum and has slightly
dipped to $68,399 after hitting a high of $68,689. According to
Bloomberg, BTC investors have added over $1.8 billion this week to
spot Bitcoin ETFs. Related Reading: Could Bitcoin Break $100,000?
Analysts Predict 6-Figure Milestone The US Securities and Exchange
Commission (SEC) gave the go-signal to BTC ETFs, which led to a
frenzy of buying and inflows. Demand outpaced supply thanks to the
SEC’s approval, boosting the coin’s price to over $73,797. Then,
there was a pullback in early August, with the price falling by 30%
before starting another rally. The expanding crypto business relies
on Bitcoin and crypto whales. They own a lot of crypto, and the
media follows them. The behaviors of BTC whales, which Whale Alert
tracks, often cause a stir. Featured image from Pexels, chart from
TradingView
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