Dormant Bitcoin Whale Awakens After 10 Years as BTC Briefly Touched $69,000

According to on-chain data, a long-dormant Bitcoin whale has reemerged just as Bitcoin ($BTC) briefly touched the $69,000 mark.

Blockchain data tracker Whale Alert reported that a Bitcoin wallet that had remained dormant for over 10 years has now been reactivated: "A dormant address containing 25 $BTC worth $1,711,020 has just been activated after 10.8 years."

This wallet, which held 25 $BTC, was worth roughly $1.71 million at the time of activation. The wallet in question had not made any transactions since 2013 when Bitcoin was valued at a fraction of its current price. At the time, $BTC was priced below $1,000, making this whale’s holdings valuable given Bitcoin's meteoric rise over the past decade.

The timing of this whale's reactivation coincides with Bitcoin's brief surge to $69,000, a level last seen in July this year. While $BTC couldn’t sustain the price and slightly pulled back, $BTC remains higher daily, up 0.67% in the last 24 hours to $68,392.

Bitcoin hits $69,000

Bitcoin increased for the fourth time in five days, with speculators eyeing $70,000 once more amid rising demand for digital assets.

The largest cryptocurrency briefly reached a high of $69,000 on Coinbase on Friday, exceeding a level recorded on Wednesday, which was also the highest since July 29. Bitcoin last traded for $70,000 on June 12.

At the time of writing, $BTC had marginally fallen to $68,399 after reaching highs of $68,689 during today's trade. Bloomberg reports that investors have added more than $1.8 billion this week to the dozen U.S. exchange-traded funds that hold Bitcoin. The investment products were initially approved in the United States in January.

Bitcoin reached an all-time high of $73,797 in March after soaring for weeks on expectations that demand for ETFs would outstrip the number of tokens available for sale. The $BTC price then fell by more than 30% by early August, before commencing on the present bull market run.