As a seasoned crypto investor with a decade-long journey under my belt, I must admit that the recent activity of the dormant Bitcoin wallet holding 25 BTC is nothing short of intriguing. This wallet, in hibernation since 2013, has awakened at a time when Bitcoin’s price is flirting with the elusive $70k mark – a sight for sore eyes after the brief dip below $69k.
The massive Bitcoin holdings kept in crypto whales’ wallets have attracted considerable scrutiny and fascination due to their potential influence on market trends and price fluctuations. Nowadays, numerous online platforms and social media enthusiasts closely monitor these wallets and their latest transactions.
On October 19th, 2024, exactly at 5:45 am, Whale Alert reported that a Bitcoin address, which had been dormant for over a decade, was activated again. This inactive wallet contained approximately 25 Bitcoins, equivalent to around $1.7 million. Notably, this event occurred as the price of Bitcoin momentarily peaked at $69,000.
Dormant Bitcoin Address Boasts 25 BTC
As stated by Whale Alert, a Bitcoin wallet contained approximately 25 Bitcoins, equating to around $1.71 million at the time. This wallet has been dormant since 2013, when the value of Bitcoin fluctuated between $100 and $266. The year 2013 was a thrilling yet volatile period for Bitcoin, with its price dipping to $50 before rebounding to $100. Given that the value of Bitcoin was under $1,000 at that time, the wallet’s owner is now in possession of a substantial amount following Bitcoin’s remarkable surge in recent years.
A dormant address containing 25 #BTC (1,711,020 USD) has just been activated after 10.8 years!
— Whale Alert (@whale_alert) October 18, 2024
The wallet of the whale (a term often used for large bitcoin investors) became active again when the price of Bitcoin reached $69,000. Previously, we’ve seen Bitcoin approach this level before, and if you recall, it surged over $70,000 in July, creating quite a buzz within the cryptocurrency market.
Over the past few days, despite briefly dipping below its $69k mark, Bitcoin has stayed strong and steady, hovering around that price range. Many analysts and investors predict it will reach $70k soon due to growing interest in cryptocurrency. Just a week ago, on June 12th, Bitcoin traded at $70k.
BTC Pulls Back
This week, the upward trend of Bitcoin faltered slightly, and its price dropped to approximately $68,399 from a peak of $68,689. As reported by Bloomberg, traders have injected around $1.8 billion into Bitcoin Exchange Traded Funds (ETFs) this week.
The U.S. Securities and Exchange Commission (SEC) gave its approval for Bitcoin ETFs, causing a surge of purchasing and investment inflows. Due to the SEC’s decision, demand exceeded supply, driving up the coin’s price beyond $73,797. However, there was a downturn in early August, with the price dropping by 30% before starting another uptrend.
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.
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2024-10-21 05:10