Ancient Bitcoin Wallet Revives With Staggering 94,700% Profit: Details

According to Wahle Alert, an address holding 190 BTC (about 11.49 million US dollars) was activated at around 3:23 today after being dormant for 11.4 years. These BTC were only worth 12,125 US dollars in 2013, an increase of 947x.https://t.co/zWrPbzuGbe

— Wu Blockchain (@WuBlockchain) August 10, 2024

Back in 2013, these 190 BTC were valued at $12,125. Fast forward to today, and the value has surged by an astonishing 94,700%, reflecting a 947-fold increase.

Dormant Bitcoin wallets — those that have remained inactive for years — often garner significant attention when reactivated as these wallets are typically 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 yet and the market is still on alert for any subsequent movements.

Bitcoin's short-term outlook

The selling and the subsequent recovery in Bitcoin price this week indicates that the bulls and the bears are slugging it out. In this light, Bitcoin price action might remain volatile in the short term until a new directional move begins.

Eyes are peeled as Bitcoin is about to complete a death cross, in which the 50-day simple moving average (SMA) falls below the 200-day SMA, which is frequently seen as a bearish indication.

This trend indicates increasing interest from retail investors, which might lead to a more balanced market and a stronger foundation for the next growth phase.