A Bitcoin wallet that had been dormant for 10.8 years recently moved 24 BTC, marking a significant gain.
Data from Whale Alert reveals that a Bitcoin wallet, untouched since November 2013, has been activated. The 24 BTC in the wallet, initially valued at around $10,915, is now worth approximately $1.46 million—a gain of 13,245%.
The reason for this sudden move is unclear, but it may indicate the holder is cashing out after a lengthy period of inactivity. Despite the large gain, this amount is small relative to the overall Bitcoin market.
Additionally, analyst Checkmate noted that 80% of Bitcoin held by short-term investors (those who bought within the last 155 days) are currently at a loss.
This could lead to potential sell-offs, but these losses represent only about 4% of Bitcoin’s total market cap.
A popular quantitative analyst known as “PlanB” suggests that large crypto investors, or whales, are currently holding back from making significant moves as they await the outcome of a key upcoming event.
The cryptocurrency landscape, particularly Bitcoin, tends to respond to significant economic indicators from the U.S. as traders adapt their strategies to align with macroeconomic trends.
The leading cryptocurrency remains close to the $62,500 level, showing only a marginal 1% surge over the past 24 hours.
Well-known crypto analyst Rekt Capital, which accurately predicted Bitcoin’s decline earlier this year, presented a potential bearish scenario for the cryptocurrency.