U.Today – In a groundbreaking revelation, blockchain tracking service Whale Alert has uncovered that a dormant address holding 185 BTC, valued at nearly $10,553,799, has suddenly been activated after 11 years of inactivity.
Whale Alert’s report stated: “A dormant address containing 185 BTC ($10,553,799) has just been activated after 11.0 years.”
After lying dormant for over a decade, this wallet has resurfaced, sparking curiosity within the crypto community. The mysterious reasons behind its prolonged dormancy and sudden activation have led to speculation ranging from forgotten investments to strategic long-term holdings.
The identity of the wallet’s owner remains a mystery, but it is evident that they now possess a substantial fortune.
As Bitcoin’s value has surged over the years, what was once a modest sum has transformed into a multimillion-dollar windfall. The BTC stored in this wallet was likely acquired when Bitcoin was trading at less than $100 per coin, a far cry from its current price exceeding $56,000.
Bitcoin Price Action
In Wednesday’s trading session, Asian markets and U.S. stock futures experienced a downturn, causing Bitcoin to drop by nearly 1% and settle at $56,700. This decline reflects a risk-off sentiment prevailing in the financial markets.
While most of the crypto market was in the red, a few assets like Internet computer (ICP) managed to stay afloat with an 11% increase in the last 24 hours. On the flip side, assets such as PEPE, SUI, and BONK recorded losses of close to 4%.
The yen saw a significant rise in late July following the Bank of Japan’s decision to raise interest rates for the first time in decades, triggering an unwinding of risk-on yen carry positions.
According to Glassnode, the CVD metric has shown an increase in investor sell-pressure over the past 90 days, contributing to the downward trajectory in Bitcoin’s price action.