Blockchain tracking service Whale Alert reported that a Bitcoin address holding 185 BTC, worth nearly $10,553,799, was activated after 11 years of dormancy.
Unexpected Activation
The wallet, which had remained untouched for over a decade, resurfaced, attracting interest from the crypto community. The reasons behind its long dormancy and sudden activation remain unknown, fueling speculation ranging from forgotten investments to strategic long-term holdings. The owner of the wallet, whose identity remains unknown, now holds a significant fortune.
Bitcoin Price Action
With Bitcoin’s value skyrocketing over the past decade, what was once a relatively modest sum is now a multimillion-dollar fortune. The BTC stored in the wallet was likely purchased when Bitcoin traded for less than $100 per coin, compared to its current price hovering above $56,000.
Market Reaction
Asian markets and U.S. stock futures fell in Wednesday's trading session, with Bitcoin down nearly 1% to trade at $56,700, reflecting a risk-off sentiment on the financial markets. The rest of the crypto market was also trading in red, save for a few crypto assets such as Internet Computer (ICP), which was up 11% in the last 24 hours. Dogecoin, PEPE, SUI, and BONK recorded losses of nearly 4%. According to Glassnode, investor sell-pressure has increased over the last 90 days, contributing to the downward trend in Bitcoin's price action.
The activation of a wallet holding 185 BTC after 11 years of dormancy has sparked interest and discussion within the crypto community. It remains a mystery what will happen to these funds next, but the wallet owner now possesses considerable wealth.
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