Long-Silent Bitcoin Whale Resurfaces After 10 Years As BTC Price Soars
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.
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.
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