According to U.Today, a long-dormant Bitcoin wallet has reawakened, capturing the attention of the cryptocurrency community. The wallet, which had been inactive for nearly 11.4 years, holds 190 BTC, currently valued at approximately $11.49 million. This represents a staggering gain of 94,700% from its original value of $12,125 in 2013. The reactivation of such wallets often garners significant attention as they are typically associated with early Bitcoin adopters or miners.
The sudden activation of this address raises questions about the whale's intentions—whether to sell, hold, or transfer the Bitcoin stash. As of now, the whale’s intentions remain unknown, and the market is on alert for any subsequent movements. The reawakening of dormant wallets can have a notable impact on market dynamics, especially given the substantial value involved.
Bitcoin's short-term outlook remains volatile. The recent selling and subsequent recovery in Bitcoin price indicate a tug-of-war between bulls and bears. Bitcoin is on the verge of completing a 'death cross,' where the 50-day simple moving average (SMA) falls below the 200-day SMA, often seen as a bearish signal. Despite this, Bitcoin whales appear to be portraying a bullish outlook. On-chain analytics firm IntoTheBlock reported a significant net outflow of $1.7 billion from exchanges in the past week, the largest amount in over a year, suggesting that large whales are accumulating during the recent downturn.
Additionally, Bitcoin's new addresses are showing renewed interest. The number of daily new addresses had been declining since November 2023, indicating fewer new participants, particularly in retail. However, this trend appears to be shifting, with an increase in new addresses in recent weeks. This indicates growing interest from retail investors, which could lead to a more balanced market and a stronger foundation for the next growth phase.
