U.Today – In a remarkable development that has caught the attention of the cryptocurrency community, a long-dormant wallet has been reawakened, achieving a staggering 94,700% gain.
Wu Blockchain citing reports from Whale Alert indicates that an address containing 190 BTC, currently valued at approximately $11.49 million, went live earlier today after being dormant for nearly 11.4 years.
In 2013, these 190 BTC were worth $12,125. Fast forward to today and the value has increased by a staggering 94,700%, reflecting a 947-fold increase.
Dormant Bitcoin wallets (those that have remained dormant for years) often attract significant attention when they are reactivated, as these wallets are usually associated with early Bitcoin adopters or miners.
The sudden activation of this address raises questions about the whale's intentions: whether it intends to sell, hold or transfer the Bitcoin stash. In this case, the whale's intentions remain unknown and the market remains on alert for any further movement.
Bitcoin short-term outlook
The sell-off and subsequent recovery in Bitcoin price this week indicate that bulls and bears are facing off. In light of this, Bitcoin price action could remain volatile in the near term until a new directional move begins.
We are all on alert as Bitcoin is on the verge of completing a death cross, where the 50-day simple moving average (SMA) falls below the 200-day SMA, which is often considered a bearish indication.
However, Bitcoin whales seem to be showing a bullish outlook. According to on-chain analytics firm IntoTheBlock, BTC saw a massive net outflow of $1.7 billion from exchanges last week, the largest amount in over a year. This indicates that large whales are accumulating during the recent downturn.
New Bitcoin addresses are also showing renewed interest. According to IntoTheBlock, the number of new daily addresses has been on the decline since November 2023, indicating that there are fewer new participants, especially in retail trading.
However, the pattern appears to be changing, as the number of new addresses has increased in recent weeks.
This trend indicates growing interest from retail investors, which could lead to a more balanced market and a stronger foundation for the next phase of growth.
This article was originally published on U.Today
