U.Today – In recent events, several long-dormant wallets have come back to life. These wallets, untouched for years, suddenly showed activity, raising questions about the motives and timing behind these transactions.
The dormant wallets, some dormant for more than a decade, are believed to belong to early users or miners who accumulated Bitcoin during its infancy. The sudden activation of these wallets has sparked speculation as to whether the owners are withdrawing money, re-engaging with the market, or planning a strategic move amid current market conditions.
In the last 24 hours, on-chain data reports the activation of two wallets that have remained untouched for over a decade.
Whale Alert reported that “an inactive address containing 429 BTC worth $41,707,628 has just become active after 10.9 years,” while another “inactive address containing 404 BTC worth $39,330,452 has just become active.” to activate after 10.9 years.
Blockchain data reveals similar patterns in other wallets, with a notable increase in activity in recent months.
On November 29, Whale Alert reported: “An inactive address containing 16 BTC worth $1,558,440 has just been activated after 11 years with a value of $18,369 in 2013.”
Bitcoin's meteoric rise may have prompted these wallet holders to move their assets. With Bitcoin prices reaching new highs, it makes sense for long-term holders to reevaluate their positions and potentially take profits.
Bitcoin price prepares for its best month in 2024
The price of Bitcoin is on track for one of its best months of the year, following the impressive surge that took the flagship cryptocurrency to new highs during November.
Bitcoin is on track to post a 38% gain in November, according to data from TradingView, making it the strongest month since February, when it rose 45% following the launch of spot Bitcoin ETFs.
Bitcoin was last up 1.06% intraday at $96,284, after reaching a high of $97,509. BTC reached a high of $98,750 during yesterday's session. Bulls predict that Bitcoin price could reach $100,000 by the end of 2024 and could double by the end of 2025.
This article was originally published on U.Today.
