This wallet has remained inactive since 2014. Over the past few weeks, several other dormant Bitcoin wallets returned to life after a long hibernation. This wallet has demonstrated massive four-digit gains.
This week, this is the fourth Bitcoin wallet that has returned from dormancy. On Tuesday, a whale reactivated their wallet, which had held 21 BTC since 2013. That amount of BTC is worth $1,307,996 now.
On Oct. 1, two wallets, containing 41 BTC worth $2,611,481 and 77 BTC evaluated at $4,902,160, were detected by the aforementioned data source.
These ancient whales suddenly brought their old Bitcoin holdings to the market as October began – this month is called by traders and investors as “Uptober” since Bitcoin rallies have historically started five different years in this month in the past. Sometimes, these rallies came in years when Bitcoin experienced a halving, seeing miner rewards slashed in half.
As the developments continue to unravel, investors have been selling Bitcoin and other risk-on assets to buy gold. Bitcoiner and JAN3 CEO Samson Mow have criticized those who are doing it, poking them by saying that gold cannot be easily transported in case of troublesome times.
Mow stated that he remains bullish, despite this situation. “I still Bullieve,” he tweeted. Mow believes that in the near future, and actually as soon as next year, BTC is likely to skyrocket and reach $1 million per coin.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
