A Bitcoin BTC/USD wallet valued at $250 million has sprung back to life after an eight-year hiatus, triggering a wave of speculation among cryptocurrency enthusiasts.
What Happened: A Bitcoin wallet, initially valued at around $3 million in 2017, has recently become active after eight years of dormancy. The wallet now holds a staggering $250 million worth of Bitcoin.
Such occurrences usually set off a storm of speculation within the cryptocurrency community. Some members have suggested that the wallet’s owner may have rediscovered their private keys, leading to the sudden activity.
Previously, a dormant Bitcoin whale holding $29.3 million also became active after several years of inactivity. In 2024, several Satoshi-era whales suddenly resumed activity, including a wallet containing 2,000 Bitcoins mined in 2010 that made a transfer for the first time in 14 years.
Also Read: Bitcoin Whale Takes $332 Million Short Position, Here’s Where It Gets Liquidated
Earlier on Sunday, a massive $252 million was transferred to an unknown wallet, according to Whale Alert data. At the time of writing, Bitcoin was trading at $84,334.
Why It Matters: The sudden resurgence of dormant Bitcoin whales can significantly impact the cryptocurrency market. The movement of such large amounts of Bitcoin can create waves in the market, potentially leading to price volatility.
This could potentially signal selling pressure, which may affect Bitcoin’s price. The re-emergence of these whales, coupled with the recent transfer of $252 million to an unknown wallet, underscores the unpredictable nature of the cryptocurrency market.
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