Long-dormant Bitcoin whale resurfaces as BTC nears $69K

A Bitcoin (CRYPTO:BTC) whale wallet, inactive for more than a decade, has been reactivated at a time when Bitcoin’s price has surged close to $69,000.

On October 19, 2024, Whale Alert reported that a dormant wallet containing 25 BTC, now valued at $1.71 million, had been activated.

This wallet had remained untouched since 2013, when Bitcoin’s price ranged between $100 and $266.

The timing of this wallet's reactivation coincides with Bitcoin's latest rally, as the cryptocurrency approaches the $69,000 mark.

Although Bitcoin briefly surpassed $70,000 earlier this year in July, it has since fluctuated between $68,000 and $69,000 in recent days.

Speculation is mounting that Bitcoin may soon break through the $70,000 barrier again, driven by growing demand and increased investment in spot Bitcoin ETFs.

While Bitcoin saw a slight pullback after reaching $68,689, it remains stable within the higher price range, currently trading at $68,393, according to data from TradingView.

Investors have added over $1.8 billion to spot Bitcoin ETFs this week alone, according to Bloomberg, further fueling expectations of another potential price surge.

The reactivation of long-dormant whale wallets, like this one, often draws attention due to the potential market impact.

Large Bitcoin holdings have the power to influence prices and trigger volatility in the market, especially during periods of heightened trading activity.

At the time of writing, the Bitcoin price was $68,732.79.