U.Today – According to blockchain tracking service Whale Alert, an address containing 185 BTC, worth nearly $10,553,799, suddenly went live after 11 years of inactivity.
Whale Alert reported: “A dormant address containing 185 BTC ($10,553,799) has just been activated after 11.0 years.”
The wallet, which had remained untouched for over a decade, resurfaced and sparked interest in the crypto community. The reasons behind its long inactivity and sudden activation remain unknown, fueling speculations ranging from forgotten investments to long-term strategic holdings.
The owner of the wallet, whose identity remains unknown, is believed to now possess a considerable fortune.
With Bitcoin's value skyrocketing over the past decade, what was once a relatively modest sum is now a multi-million dollar fortune. The BTC stored in the wallet was likely purchased when Bitcoin was trading at less than $100 per coin, compared to its current price of around $56,000.
Bitcoin Price Action
Asian markets and US stock futures fell in trading on Wednesday, with Bitcoin down nearly 1% to trade at $56,700, reflecting a risk-off sentiment in financial markets.
The rest of the cryptocurrency market was also trading in the red, except for a few crypto assets such as Internet Computer (ICP), which was up 11% in the last 24 hours, PEPE, SUI and BONK all recorded losses of almost 4%.
The yen rose sharply in late July after the Bank of Japan raised interest rates for the first time in decades, triggering a liquidation of yen risk positions.
According to Glassnode, the CVD metric can determine the current net balance of market buying and selling pressure in spot markets. Using the same method, Glassnode found that investor selling pressure has increased over the past 90 days, contributing to the downward trend in Bitcoin’s price action.
This article was originally published on U.Today
