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According to data shared by blockchain analyst Whale Alert, which monitors significant cryptocurrency transactions, an old Bitcoin wallet that had been inactive since 2014 has recently come back to life. This wallet is among several dormant Bitcoin wallets that have reactivated in recent weeks, showcasing substantial four-digit gains.
### Bitcoin Wallet Sees Remarkable 7,240% Profit
The dormant wallet, last used over ten years ago, holds 99 BTC. The value of these coins has seen a staggering increase from an initial worth of $83,068 in 2014 to approximately $6,097,440 today, representing a phenomenal gain of around 7,240%. This week marks the fourth time a Bitcoin wallet has reawakened; another wallet containing 21 BTC, dormant since 2013, was reactivated on Tuesday and is now valued at $1,307,996.
On October 1, two additional wallets were identified, one containing 41 BTC worth $2,611,481 and another with 77 BTC valued at $4,902,160. The resurgence of these long-dormant wallets coincides with the start of October, a month often referred to by traders and investors as “Uptober,” known for historical Bitcoin rallies commencing in various years during this period, sometimes linked to halving events that cut miner rewards.
### “Uptober” Starts with Bitcoin Decline
However, this year’s “Uptober” has not unfolded as many had anticipated. Following negative geopolitical developments in the Middle East, Bitcoin’s price began to decline on Sunday, dropping 8.46% since then and 2.51% in the last 24 hours. Bitcoin fell from around the $66,000 mark to approximately $60,325 today.
As the situation continues to evolve, investors have been divesting Bitcoin and other risk-on assets in favor of gold. Bitcoin advocate and CEO of JAN3, Samson Mow, criticized this trend, highlighting the difficulties of transporting gold in challenging times. Despite the current market conditions, Mow remains optimistic, stating that he believes Bitcoin could soar to $1 million per coin as early as next year.
