As a seasoned researcher with a decade-long immersion in the ever-evolving world of cryptocurrencies, I find myself both intrigued and captivated by the recent awakening of an ancient Bitcoin whale. This event serves as a stark reminder of the profound potential that lies dormant within this nascent industry, much like the proverbial phoenix rising from the ashes.
As per blockchain information, a Bitcoin wallet that hasn’t been active for over ten years has recently become active again. Whale Alert, a blockchain data tracker, announced this by stating, “A wallet that held 41 BTC, currently worth approximately $2,611,481, has been activated after 10.7 years of inactivity.
The revived Bitcoin address is part of a developing pattern where previously inactive Bitcoin wallets (often linked to early adopters or miners) are becoming active again. This particular ‘whale’ had not transferred any Bitcoin for more than a decade, during which time Bitcoin experienced significant growth and price increases.
This sudden awakening aligns with a Bitcoin market cycle unfolding within the broader crypto space.
Recently, CryptoQuant CEO Ki Young Ju offered some intriguing observations about the Bitcoin market’s pattern, dividing it into three distinct phases.
Here’s a simpler rephrasing:
Ju mentioned in a separate tweet that Bitcoin deposits into individual exchange accounts are continuing as usual, unlike the pattern observed during the previous bear market.
Bitcoin price action
Bitcoin retested $64,000 on Oct. 1 as the BTC monthly close achieved a new September record. The September monthly close of $63,300 cemented 7.3% BTC price gains, according to data from CoinGlass, making it Bitcoin’s best-ever ninth month of the year.
On the last day of September, Bitcoin plummeted to a low of $62,833 and then bounced back. Currently, Bitcoin has risen by 0.22% in the past 24 hours, reaching $63,991 after hitting a high of $64,106 within the same day.
According to a recent analysis by CryptoQuant, there may be signs pointing towards an upcoming bull run in the crypto market. Remarkably, prior to the 2023 surge, Exchange Flow Multiple values were extremely low on their charts, and at present, those levels are once again quite low. This could potentially mean that the market is gearing up for another upward trend.
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2024-10-01 14:41