In a noteworthy development that has caught the attention of the cryptocurrency community, a long-dormant Bitcoin wallet has reawakened, realizing staggering gains of 94,700%.
Wu Blockchain citing Whale Alert reports that an address holding 190 BTC, currently valued at about $11.49 million, was activated earlier today after being dormant for nearly 11.4 years.
According to Wahle Alert, an address holding 190 BTC (about 11.49 million US dollars) was activated at around 3:23 today after being dormant for 11.4 years. These BTC were only worth 12,125 US dollars in 2013, an increase of 947x.https://t.co/zWrPbzuGbe
— Wu Blockchain (@WuBlockchain) August 10, 2024
Back in 2013, these 190 BTC were valued at $12,125. Fast forward to today, and the value has surged by an astonishing 94,700%, reflecting a 947-fold increase.
Dormant Bitcoin wallets — those that have remained inactive for years — often garner significant attention when reactivated as these wallets are typically associated with early Bitcoin adopters or miners.
The sudden activation of this address raises questions about the whale’s intentions — whether it intends to sell, hold, or transfer the Bitcoin stash. In this case, the whale’s intentions remain unknown yet and the market is still on alert for any subsequent movements.
Bitcoin’s short-term outlook
The selling and the subsequent recovery in Bitcoin price this week indicates that the bulls and the bears are slugging it out. In this light, Bitcoin price action might remain volatile in the short term until a new directional move begins.
Eyes are peeled as Bitcoin is about to complete a death cross, in which the 50-day simple moving average (SMA) falls below the 200-day SMA, which is frequently seen as a bearish indication.
Bitcoin whales, however, seem to be portraying a bullish outlook. According to on-chain analytics firm IntoTheBlock, BTC recorded a whopping $1.7 billion net outflows from exchanges in the past week, the largest amount in over one year. This points to large whales accumulating through the recent downturn.
Bitcoin’s new addresses are also showing renewed interest. According to IntoTheBlock, the number of daily new addresses has declined since November 2023, indicating fewer new participants, notably in retail.
However, the pattern appears to be shifting, as the number of new addresses has increased in recent weeks.
This trend indicates increasing interest from retail investors, which might lead to a more balanced market and a stronger foundation for the next growth phase.