Long-Dormant Bitcoin Whale Resurfaces After 10 Years as BTC Price Climbs

Crypto whales, known for holding large amounts of Bitcoin, are often closely watched due to their potential to influence market prices and cause volatility. Their movements, whether buying or selling, can create ripples throughout the market, and many websites and social media platforms actively track these wallets.

On October 19, 2024, at 5:45 AM, Whale Alert reported that a previously dormant Bitcoin address, containing 25 BTC valued at $1.71 million, was suddenly reactivated after more than a decade of inactivity. The wallet’s awakening comes at an exciting time, as Bitcoin’s price briefly hit $69,000.

Dormant Wallet Holds 25 BTC Since 2013

According to Whale Alert, this Bitcoin wallet had remained untouched since 2013, when Bitcoin’s price fluctuated between $100 and $266. That year saw significant volatility for Bitcoin, with its value dropping to $50 before climbing back to $100. At the time, Bitcoin was worth less than $1,000, making the current value of $1.71 million a substantial gain for the wallet’s owner due to Bitcoin’s impressive rise in recent years.

The reactivation of this whale’s wallet coincides with Bitcoin’s recent surge toward $69,000, a price point it has flirted with before. Earlier in the year, Bitcoin had rallied past $70,000 in July, sparking excitement and driving momentum in the crypto market.

Although Bitcoin hasn’t been able to hold onto the $69,000 level, it has remained stable in the $68,000 to $69,000 range over the past few days. Many industry experts and speculators believe that Bitcoin could soon break through the $70,000 mark again, driven by increasing demand for cryptocurrency.

Bitcoin Price Pullback

After hitting a high of $68,689, Bitcoin experienced a slight dip, currently trading around $68,399. Despite this minor pullback, Bitcoin investors have poured over $1.8 billion into spot Bitcoin ETFs this week, according to Bloomberg.

The surge in demand was sparked by the U.S. Securities and Exchange Commission (SEC) granting approval for Bitcoin ETFs, which led to a buying frenzy and inflows that drove the price of Bitcoin to over $73,797. Following this peak, Bitcoin saw a 30% correction in early August before beginning another upward rally.

Crypto whales, like the one tracked by Whale Alert, continue to play a critical role in the broader cryptocurrency market. Their large holdings and sudden moves often attract significant attention and can influence the price and overall market sentiment.

This article is for informational purposes only and should not be considered legal or investment advice. The views expressed are solely those of the author and do not necessarily reflect the views of Caffeine and Crypto.