As the price of Bitcoin rebounds to $91,612, a legendary investor has offloaded over $46 million in BTC to external addresses amid seeing 171,109% ROI.
Bitcoin made a strong rebound today following a bearish weekend during which its price revisited the $87K price range. Now trading at $91,612, the cryptocurrency is just 1.84% below its all-time high.
However, notable activity among long-dormant Bitcoin wallets has emerged alongside this resurgence. These movements have sparked interest, as several large holders, or whales, are transferring significant amounts of BTC to exchanges, potentially signaling selling intent.
Dormant Bitcoin Wallets Show Increased Activity
On-chain data highlights a sharp increase in the activation of dormant Bitcoin wallets. According to Spot on Chain, a wallet that held 400 BTC, worth $2,091 at acquisition and now valued at $35.8 million, became active today after 12 years. Essentially, this Bitcoin investor awakens to a staggering 171,109% return on investment amid BTC’s rebound.
This wallet and two others moved 200 BTC to the Bitstamp crypto exchange and transferred 351 BTC to a new address. In total, these wallets deposited 600 BTC, worth $46 million, to Bitstamp over the past month. Each of these wallets had been inactive for more than a decade.
Similarly, Whale Alert reported that another dormant address containing 246 BTC, valued at over $22 million, was activated after 11.7 years.
Satoshi-Era Wallets Resurface
A separate event involved a Satoshi-era wallet, which was inactive since 2010, moving 2,000 BTC to Coinbase. This transaction, valued at approximately $180 million, is significant due to its historical context. The wallet holder had mined Bitcoin when its price was less than 10 cents, highlighting the coin’s exponential growth.
Additionally, in September, a wallet that had been dormant for over 15 years moved 250 BTC mined in 2009. Similarly, in August, another long-inactive wallet from 2014 transferred 174 BTC, worth $10 million at the time.
Optimism Amid Whale Activity
Despite the increase in whale activity, market sentiment remains largely unaffected. Industry figures, including Michael Saylor, predict continued bullish momentum.
Saylor recently projected that Bitcoin could surpass $100,000 by year’s end. He attributed this outlook to institutional backing, political changes, and reduced market risks.
Saylor emphasized Bitcoin’s growing credibility on Wall Street, with firms like BlackRock enhancing its value proposition. He also pointed to the pro-business stance of recent U.S. policies, which he believes will further support the cryptocurrency market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
