Cryptocurrency whale wallets have become a subject of attention and sometimes obsession because they hold large amounts of Bitcoin and their movements can influence market prices and impact volatility. Today, many websites and social media users track these wallets and their most recent transactions.
On October 19, 2024, at 5:45 AM, Whale Alert shared that a dormant BTC address with 25 Bitcoins worth $1,711,020 was activated after more than 10 years of inactivity. The wallet’s reactivation comes at an interesting time as Bitcoin’s price briefly hit $69,000.
Inactive Bitcoin Address Boasts 25 BTC
According to Whale Alert, the BTC wallet contains 25 BTC, worth $1.71 million. The wallet has been inactive since 2013 when Bitcoin's value fluctuated between $100 and $266.
It's been an interesting and volatile year for Bitcoin, with its price dropping to $50 before recovering to $100. With Bitcoin's value below $1,000, wallet owners are holding large amounts after the currency's meteoric rise over the past few years.
The whale wallet reactivation happened when Bitcoin price reached $69,000. This is not the first time BTC has reached this level. If we remember, Bitcoin rose to over $70,000 in July, creating a crypto craze in the industry.
Although Bitcoin failed to hold the $69,000 price point, it has remained solid, remaining within the $68,000 to $69,000 range for the past few days. Speculators and industry watchers also expect BTC to soon hit $70,000, supported by growing demand for the cryptocurrency. Bitcoin was trading at $70,000 on June 12.
Bitcoin failed to maintain its bullish momentum this week and fell slightly to $68,399 after hitting a high of $68,689. According to Bloomberg, BTC investors added more than $1.8 billion this week to the discovery of a Bitcoin ETF.
The US Securities and Exchange Commission (SEC) gave the go-ahead for BTC ETFs, leading to a buying frenzy and inflows. Demand outpaced supply thanks to the SEC approval, pushing the coin to over $73,797. There was then a pullback in early August, with the price dropping 30% before starting another rally.
The growing cryptocurrency business relies on Bitcoin and crypto whales. They own a lot of crypto and the media follows them. The behavior of BTC whales, tracked by Whale Alert, often causes a stir.
