Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Ancient Bitcoin Whale Awakens After 10 Years of Dormancy: Details

Published 09/29/2024, 10:39 AM
Updated 09/29/2024, 02:30 PM
© Mundo Crypto PR Ancient Bitcoin Whale Awakens After 10 Years of Dormancy: Details
BTC/USD
-

U.Today - According to on-chain data, a dormant Bitcoin wallet that has remained untouched for over a decade has suddenly come to life.

Blockchain data tracker Whale Alert reported that "a dormant address containing 150 BTC ($9,831,428) has just been activated after 10.5 years."

This activation adds to a growing trend of ancient Bitcoin wallets reawakening in recent weeks, sparking curiosity and speculation within the crypto community.

Dormant wallets, especially those holding large amounts of Bitcoin, are often tied to early adopters or miners who acquired or mined BTC at a time when the cryptocurrency was worth just a fraction of its current price.

While the identity of the wallet’s owner remains unknown, the awakening of such dormant addresses often fuels speculation. Some wonder if these long-term holders are cashing out, preparing to sell, or moving their assets to more secure locations in response to broader market movements.

The recent surge in dormant wallet activity highlights the massive gains early Bitcoin holders have achieved: What was once a little sum has now become a fortune. As more ancient whales reenter the market, their movements will likely continue to be closely monitored in the days ahead.

Bitcoin price action

At the time of writing, BTC was up 0.48% in the previous 24 hours to $65,806. Bitcoin reached a high of $66,550 on Friday, its highest amount since early August.

Bitcoin is up 56% in 2024, aided by inflows into U.S. Bitcoin exchange-traded funds, but remains behind the March record of $73,798. BTC has increased by nearly 11.31% this month, compared to an average 5.9% fall in September over the last decade.

The largest cryptocurrency by market capitalization is on track for one of its best September increases as a global wave of interest-rate cuts, led by the U.S. Federal Reserve, helps it break a seasonal jinx.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.