👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Ancient Bitcoin Wallet Revives With Staggering 94,700% Profit: Details

Published 08/10/2024, 12:47 PM
Updated 08/10/2024, 04:30 PM
© Reuters Ancient Bitcoin Wallet Revives With Staggering 94,700% Profit: Details
BTC/USD
-

U.Today - 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.

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.

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.