A Bitcoin whale woke up with 1,166,666% profit
Whale Alert alerted that a long-inactive Bitcoin address, possessing 119 BTC valued at $6.99 million, wakes up after an astounding 12.4 years of dormancy. Originally valued at a mere $599 USD in 2012, this address has experienced an incredible increase of 1,166,666% in its worth.
Such resurgences often carry negative connotations for the crypto market. The revival of these ancient addresses usually suggests that the owners might be gearing up to sell off their holdings, potentially unleashing a large volume of Bitcoin into the market.
This scenario could result in heightened sell-off pressure, thereby depreciating the currency’s value. The market often approaches these instances with wariness, bracing for possible large-scale dispositions.
Notably, this month has marked a trend where wallets that have remained untouched for decades are suddenly making moves, and today’s event isn’t an isolated case.
A mere few hours before, Whale Alert flagged the activation of another dormant account, this time encompassing about $2.6 million in BTC. Also, on July 2, a separate address reawakened after 13 years, revealing $2.1 million in Bitcoin assets.
Amidst the current downturn in the crypto market, these occurrences stand out. With the price of Bitcoin presently in decline, hovering around $55,000 today—a figure last observed in late April—these resurgences have intensified the atmosphere of unpredictability and caution amongst investors.
