Ancient Bitcoin Whale Reawakens After More Than a Decade of Dormancy

Blockchain data tracker Whale Alert reported that "a dormant address containing 41 BTC worth $2,611,481 has just been activated after 10.7 years."

An ancient Bitcoin whale has reawakened after over a decade, as indicated by on-chain data.

Blockchain data tracker Whale Alert highlighted that "a dormant address containing 41 BTC, valued at $2,611,481, has been activated after 10.7 years."

The reactivated address is part of a broader trend where long-dormant Bitcoin wallets, often linked to early adopers or miners, are becoming active once again.

This particular whale had not moved any Bitcoin in over 10 years, a period that witnessed massive growth and price appreciation for BTC.

A dormant address containing 41 #BTC (2,611,481 USD) has just been activated after 10.7 years!

This aligns with a Bitcoin market cycle unfolding within the broader crypto space.

In a recent tweet, CryptoQuant CEO Ki Young Ju shares his insights into the three stages of the Bitcoin market cycle.

The first stage, which we are currently in, is when old whales become new whales. The activation of Old Bitcoins, as seen in the present scenario, alludes to this fact.

The second stage is when new whales become retail investors, and the final stage is when these retail investors hodl and become old whales.

In another tweet, Ju mentions that Bitcoin inflows into exchange user wallets are still at normal levels, unlike during the last bear market.

Bitcoin price action

Bitcoin retested $64,000 on Oct. 1 as the BTC monthly close set a new September record.

The September monthly close of $63,300 sealed 7.3% BTC price gains, as indicated by CoinGlass data, making it Bitcoin's best-ever ninth month of the year.

Bitcoin dropped to a low of $62,833 on the final day of September before recovering. At the time of writing, BTC has gained 0.22% in the last 24 hours to $63,991, following intraday highs of $64,106.

In a recent analysis, CryptoQuant suggested that the market might be preparing for the next uptrend.

On the chart, CryptoQuant observed very low Exchange Flow Multiple values before the 2023 rise. The current indicator levels are also showing a similar low, which could be a sign that the market might be preparing for the next uptrend.