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In a remarkable turn of events, an ancient Bitcoin whale awakens after over 10 years of dormancy. This trend has garnered significant attention within the cryptocurrency community, raising questions and inciting speculation.
On-chain data tracker Whale Alert revealed that “a dormant address containing 150 BTC (valued at $9,831,428) has been activated after remaining inactive for 10.5 years.”
This recent awakening is part of a growing phenomenon where long-inactive Bitcoin wallets are suddenly becoming active. The reactivation of these ancient Bitcoin accounts is causing a stir among crypto enthusiasts and analysts.
Dormant Bitcoin wallets, like the one recently activated, usually belong to early adopters and miners who acquired or mined Bitcoin when its value was a mere fraction of today’s prices.
Why Are These Bitcoin Whales Awakening?
The identity of the wallet’s owner remains unknown, leading to a swirl of speculation. Some believe that these early holders might be cashing out, while others think they may be moving their assets to more secure locations in response to market dynamics.
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The increased activity in dormant wallets underscores the remarkable gains of early Bitcoin adopters. What was once a small investment has now turned into a substantial fortune. As more ancient Bitcoin whales rejoin the market, their actions are likely to be scrutinized closely in the coming days.
Current Bitcoin Market Trends
As of the latest reports, Bitcoin (BTC) has risen 0.48% in the last 24 hours, trading at $65,806. On Friday, BTC hit a high of $66,550, marking its highest level since early August.
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Bitcoin has surged 56% so far in 2024, driven by substantial inflows into U.S. Bitcoin exchange-traded funds (ETFs). However, it still lags behind its all-time high of $73,798, recorded in March. Notably, BTC has experienced an 11.31% increase this month, a significant rise compared to the average 5.9% decline during September over the past decade.
This resurgence is partly attributed to a global wave of interest-rate cuts initiated by the U.S. Federal Reserve, helping Bitcoin break a long-standing seasonal trend.
As these early Bitcoin adopters and their significant holdings reenter the market, their movements are set to be a focal point for crypto traders and investors. The involvement of such Bitcoin whales could potentially stir market dynamics in unexpected ways.
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