According to recent #BlockchainData , a long-dormant #BitcoinWhale has reawakened after more than a decade of inactivity.
Activation of a Sleeping Address After 10.7 Years
The blockchain monitoring tool Whale Alert reported the activation of a "sleeping" address containing 41 BTC, currently valued at $2.6 million. This address had remained inactive for over ten years.
Trend of Reviving Old Wallets
This activation is part of a broader trend where long-dormant Bitcoin wallets, often associated with early adopters or miners, are being brought back to life. This particular whale hadnât moved any Bitcoin for over 10 years, a period during which Bitcoin saw massive price growth.
Bitcoin Market Cycle
This sudden movement aligns with the current market cycle, which is unfolding across the broader crypto space. In a recent tweet, CryptoQuant's CEO Ki Young Ju shared his perspective on the Bitcoin market cycle, which consists of three phases.
First Phase: Old whales become new whales. The activation of long-dormant wallets supports this trend.
Second Phase: New whales become small #investors .
Third Phase: Small investors hold their Bitcoin long-term, eventually becoming old whales.
Normal Bitcoin Flow to Exchanges
Ju also noted that the flow of bitcoin to exchange wallets remains at normal levels, unlike during the last bear market.
Bitcoin Price Developments
#bitcoinâïž tested the $64,000 mark again on October 1st, hitting a new monthly high for September. The monthly close at $63,300 marked a 7.3% increase in Bitcoinâs price, making September the best month in Bitcoinâs history.
$BTC Bitcoin dropped to a low of $62,833 on the last day of September but rebounded shortly after. At the time of writing, its price had risen 0.22% in the last 24 hours to $63,991, after reaching intraday highs of $64,106.
Possible Preparation for Another Bull Run ( #bullrun2024đđ )
An analysis by CryptoQuant suggested that the market may be gearing up for another upward trend. They pointed out that indicators like the Exchange Flow Multiple were at very low levels before the rise in 2023. Current levels of these indicators are similarly low, which could signal that the market is preparing for another upward trend.
Notice:
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