The last known transaction from this address was back in November 2012, when Bitcoin\u2019s price was around $10, making the wallet\u2019s balance worth below $9,000.<\/p>\n
\n\ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 A dormant address containing 749 #BTC<\/a> (53,227,433 USD) has just been activated after 12.0 years (worth 7,974 USD in 2012)!https:\/\/t.co\/5SzBYeKlk1<\/a><\/p>\n
\u2014 Whale Alert (@whale_alert) October 29, 2024<\/a><\/p><\/blockquote>\n
Details Of The Moved Millions<\/h2>\n
Data from on-chain monitoring platform Mempool, shows that the recent transaction was conducted at 7:28 a.m. UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to the sender\u2019s address, labeled as \u201cchange\u201d by blockchain analytics firm Blockchair.<\/p>\n
The remaining 35 BTC, or $2.4 million, was transferred to an unknown address. Details surrounding the wallet\u2019s owner and their intentions remain unidentified, leaving the crypto community speculating on the motive behind the transaction and the identity of the long-term Bitcoin holder.<\/p>\n
However, the timing of the awakening of this dormant wallet is quite noteworthy. It comes at a time when Bitcoin has been seeing consistent increases in price in recent weeks. Particularly, the asset has finally broken above the $70,000<\/a> resistance with a current trading price of $72,638<\/a> up by 5.3% in the past day.<\/p>\n
BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n Notably, movements from long-inactive wallets have historically generated intrigue, with crypto enthusiasts theorizing that these could be the actions of early adopters, lost-and-found wallets, or entities choosing strategic timing to engage with the market.<\/p>\n
Although the reason behind this wallet move of its BTC isn’t certain, reactivating wallets like this one especially as Bitcoin continues to surge in price might indicate shifts in holders\u2019 strategies, driven by favorable market conditions or other personal financial objectives<\/a>.<\/p>\n
Bitcoin Onchain Performance<\/h2>\n
Awakening of wallet aside, Bitcoin has been seeing quite an interesting and positive trend behind the scenes, especially regarding on-chain metrics. So far, analysts have highlighted several BTC metrics that are now flashing a positive momentum for the asset, suggesting further price increases.<\/p>\n
For instance, yesterday, a CryptoQuant analyst known as Darkfost disclosed that Bitcoin hash ribbons have flashed a buy signal. Darkfost noted<\/a>:<\/p>\n
Historically, purchasing Bitcoin during a Hash Ribbons signal has aligned with strong long-term returns. Recently, we saw another signal following the major one this past summer.<\/p><\/blockquote>\n
Another metric suggesting price increase for Bitcoin highlighted by a CryptoQuant analyst named BinhDang is the Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in a recent post<\/a>, this metric has bottomed to levels not seen in 2022. A move that preceded a rally<\/a>.<\/p>\n
Notably, the Stablecoin Supply Ratio Oscillator provides insights into Bitcoin market demand by analyzing Bitcoin\u2019s market cap against that of major stablecoins.<\/p>\n