U.Today – A long-dormant whale resurfaced just as Bitcoin (BTC) briefly touched the $69,000 level, according to on-chain data.
Blockchain data tracker Whale Alert reports that a Bitcoin wallet that has been dormant for more than a decade has been reactivated, reporting that “a dormant address containing 25 BTC worth $1,711,020 has been activated for the first time in 10.8 years.” did.
This wallet held 25 BTC and was worth approximately $1.71 million at the time of activation. The wallet in question had not traded since 2013, when Bitcoin was valued at a fraction of its current price. At the time, the price of BTC was less than $1,000, making this whale's holdings valuable given Bitcoin's meteoric rise over the past decade.
The timing of this whale's reactivation coincides with Bitcoin's brief rally to $69,000, a level last seen in July of this year. Although BTC was unable to hold its price and pulled back slightly, BTC continues to rise day by day, increasing by 0.67% to $68,392 in the past 24 hours.
Bitcoin reaches $69,000
Bitcoin rose for the fourth time in five days, with speculators once again eyeing $70,000 as demand for the digital asset increases.
The largest cryptocurrency briefly reached a high of $69,000 on Coinbase (NASDAQ:) on Friday, surpassing the level recorded on Wednesday and also its highest since July 29. Bitcoin last traded at $70,000 on June 12th.
At the time of writing, BTC had fallen slightly to $68,399 after reaching a high of $68,689 during today's trading. Bloomberg reported that investors this week added more than $1.8 billion to more than a dozen U.S. exchange-traded funds that hold Bitcoin. The investment product was first approved in the US in January.
Bitcoin reached an all-time high of $73,797 in March after weeks of soaring on expectations that demand for ETFs would outstrip the number of tokens available for sale. BTC prices then fell over 30% by early August, after which the current bull market began.
This article was originally published on U.Today
