Ancient Bitcoin Wallet Suddenly Activated as BTC Recovers After Big Drop

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

According to data shared by the popular blockchain tracker Whale Alert, which monitors large cryptocurrency transfers, approximately 17 hours ago, an ancient Bitcoin wallet came out of 11-year hibernation. The tweet says: “A dormant address containing 21 BTC (1,307,996 USD) has just been activated after 11.0 years!”

Dormant Bitcoin whales reactivate their wallets

Last used in 2013, three years after the mysterious Bitcoin creator Satoshi Nakamoto disappeared from the public eye, the wallet contains 21 Bitcoins. At the current exchange rate, this amount of BTC is worth $1,307,996 in fiat.

On Oct. 1, the aforementioned data source also spotted two other ancient wallets that all of a sudden came out of oblivion, holding 2x and 3x BTC than the one described above. One of those wallets contained 41 BTC worth $2,611,481 now, while the other one held a 77 BTC chunk of crypto valued at $4,902,160.

The first wallet from these two had been inactive for 10.7 years, the second one was last used in 2013 and the Bitcoin it contains was worth merely $7,157 back then. This comprises a whopping 68,394% increase in profit on the Bitcoin held by this early cryptocurrency whale.

Bitcoin pares its losses

After coming really close to the $66,000 level on Sunday, the world’s largest cryptocurrency in terms of market capitalization size, Bitcoin, plunged by 7.99% and landed at the $60,720 level earlier today.

This was followed by a bullish move as BTC succeeded in paring some of its losses. Over the past few hours, Bitcoin has managed to increase by 1.71%, rising to $61,800. However, bears again pushed it down, and currently the digital gold is trading at $61,370 per coin.

Bitcoin has been going down, despite the recently announced 50 basis-point rate cut by the Federal Reserve (and hints coming from its chairman, Jerome Powell, about two more rate cuts by the end of the year) and the start of “Uptober.” Historically, five bullish markets began in October for Bitcoin already, and many experts believed 2024 would be no exception.

However, the tightening of geopolitical tensions in the Middle East has pushed financial markets down, including Bitcoin, with altcoins following suit. Besides, BitMEX founder Arthur Hayes stated that BTC is likely to drop after the rate cuts before it goes up again.