As a seasoned crypto investor with a decade of experience under my belt, I find myself intrigued by this recent development. The awakening of a dormant Bitcoin wallet from 13 years ago is a testament to the resilience and potential of this digital asset class.
Over the past period, Bitcoin has been consistently venturing into new, unexplored regions. Remarkably, a cryptocurrency wallet that had lain dormant for over a decade is now active again.
As reported by the well-known crypto tracker Lookonchain, a Bitcoin wallet that hasn’t been active for over a decade has recently executed a substantial transaction. The owner of this wallet, possessing approximately 426.3 BTC, or around $36.62 million, transferred 42.3 BTC, equivalent to about $3.67 million in value.
Back on July 29, 2011, this wallet first got 426.3 Bitcoins, worth approximately $5,753, as the value of Bitcoin was only $13.49 at that time. Now, since Bitcoin’s current price is around $91,000, the transfer has generated curiosity because the funds have remained dormant for a long time and are substantial, leading to speculation about the reasons behind such a large transaction.
Following significant surges, Bitcoin experienced a slight retreat yesterday, only to regain its momentum earlier today. It soared past the $90,000 mark and reached approximately $92,000 at its peak. Its weekly performance has been robust, yielding a 22% increase.
As reported by QCP Capital, the crypto asset is now moving into a fresh stage, reinforcing its status as a growing choice for corporate, governmental, and institutional treasuries to hold.
The trading company observed a significant increase in interest for Bitcoin Exchange Traded Funds (ETFs), as investments amounting to approximately $2.28 billion poured in over a span of three days. This surge, driven by feelings following the U.S. election, resulted in around $1.8 billion being invested in spot Bitcoin ETFs towards the end of last week, with another $1.1 billion coming in as net inflows at the start of this current week.
“It’s clear: the market is adjusting to BTC’s new highs, and the demand has never been hotter.”
According to well-known analyst ‘Rekt Capital,’ the positive argument for Bitcoin’s price increase is strengthened. He anticipates that Bitcoin’s bull market might culminate in October 2025, based on historical patterns showing that the crypto asset usually reaches its highest point over 500 days following a halving event.
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2024-11-13 19:50