As Bitcoin continues to break into uncharted territory frequently, a previously dormant wallet has come to life after more than a decade of inactivity.
According to the popular crypto tracker, Lookonchain, a Bitcoin wallet that has been dormant for 13 years, has made a significant transaction. The entity, which holds 426.3 BTC worth around $36.62 million, transferred 42.3 BTC. This stash is valued at $3.67 million.
The wallet originally received the 426.3 BTC on July 29, 2011, when the asset was priced at just $13.49, equating to a total of $5,753 at the time. This move has sparked interest due to the long period of inactivity and the substantial value of the funds involved, raising questions about the motivations behind such a large transfer, especially at a time when BTC hovers a little over $91,000.
After posting massive rallies, Bitcoin faced a mild pullback yesterday but went on the offensive earlier today. It jumped above $90,000 and peaked at around $92,000. Its weekly performance is quite strong as well, with 22% gains.
According to QCP Capital, the crypto asset has entered “a new phase,” solidifying its position as a treasury asset increasingly held by corporations, governments, and institutions.
The trading firm noted a surge in demand for Bitcoin ETFs, with inflows reaching a record $2.28 billion in just three days. This momentum, fueled by post-US election sentiment, saw $1.8 billion flowing into spot Bitcoin ETFs late last week, followed by an additional $1.1 billion in net inflows at the start of this week.
“It’s clear: the market is adjusting to BTC’s new highs, and the demand has never been hotter.”
The bullish thesis is further validated by popular analyst ‘Rekt Capital,’ who predicted that Bitcoin’s bull run could reach its climax in October 2025, drawing on historical trends where the crypto asset has typically surged to its peak more than 500 days post-halving.
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