Crypto whales’ wallets have been the subject of attention and sometimes obsession since they carry a vast holding of , 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 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 (1,711,020 USD) has just been activated after 10.8 years!
— Whale Alert (@whale_alert)
The whale’s reactivation of the wallet comes when 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 , 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
