U.Today – Recent events have brought back some long-dormant wallets. These wallets, which had been sitting idle for years, suddenly became active, raising questions about the motives and timing behind these transactions.
Some of the dormant wallets have not been active for more than a decade and are believed to belong to early adopters and miners who accumulated Bitcoin during the early days of Bitcoin. The sudden activation of these wallets has led to speculation as to whether the owners are cashing out, re-engaging with the market, or planning strategic moves amid the current market conditions. caused.
On-chain data reports that in the past 24 hours, two wallets that had been abandoned for more than 10 years were activated.
Whale Alert reported that “a dormant address containing 429 BTC worth $41,707,628 was activated after 10.9 years,” while another “dormant address containing 404 BTC worth $39,330,452 was activated after 10.9 years.”
Blockchain data reveals similar patterns from other wallets, with a noticeable increase in activity in recent months.
On November 29, Whale Alert reported that “a dormant address containing 16 BTC worth $1,558,440 was activated in 2013 after 11.0 years worth $18,369.”
The rapid rise in the price of Bitcoin may have encouraged these wallet holders to move their assets. With Bitcoin prices reaching new highs, it makes sense for long-term holders to reassess their positions and potentially take profits.
Bitcoin Price Is Poised For Best Month In 2024
Bitcoin prices are on track for one of the strongest months of the year, following an impressive surge that took the flagship cryptocurrency to new highs throughout November.
Bitcoin was on pace to rise 38% in November, according to TradingView data, its strongest month since February, when it rose 45% following the launch of the Spot Bitcoin ETF.
Bitcoin was last up 1.06% during the day at $96,284, hitting a high of $97,509. BTC reached a high of $98,750 during yesterday’s session. Bulls predict that Bitcoin's price could reach $100,000 by the end of 2024 and double by the end of 2025.
This article was originally published on U.Today
