U.Today – In a noteworthy event that caught the attention of the cryptocurrency community, a long-dormant wallet has woken up again, recording a staggering 94,700% gain.
Wu Blockchain, citing reports from Whale Alert, claims that an address storing 190 BTC, currently valued at around $11.49 million, was activated this morning after lying dormant for almost 11.4 years.
In 2013, those 190 BTC were valued at $12,125. Fast forward to today, the value has increased by an astonishing 94,700%, a 947-fold escalate.
Dormant Bitcoin wallets — those that have remained inactive for years — often attract significant attention upon reactivation, 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 its Bitcoin stash. In this case, the whale’s intentions remain unknown, and the market remains on alert for any subsequent moves.
Bitcoin’s Short-Term Outlook
The selling and subsequent bounce in Bitcoin price this week indicate that bulls and bears are battling. In this airy, Bitcoin price action could remain volatile in the compact term until a novel directional move begins.
Eyes are wide open as Bitcoin is on the verge of forming a death cross where the 50-day straightforward moving average (SMA) will fall below the 200-day SMA, which is often considered a bearish signal.
However, Bitcoin whales seem to be taking a bullish view. According to analytics firm IntoTheBlock, BTC saw a massive $1.7 billion in net outflows from exchanges over the past week, the largest amount in over a year. This indicates a build-up of huge whales during the recent crisis.
New Bitcoin addresses are also showing renewed interest. According to IntoTheBlock, the number of novel addresses per day has declined since November 2023, indicating fewer novel participants, especially in retail.
However, this trend appears to be changing as the number of novel addresses has increased in recent weeks.
This trend indicates growing interest from retail investors, which could lead to a more balanced market and a stronger foundation for the next phase of growth.
