Ancient Bitcoin Whale Reawakens After Decade as Epic Market Cycle Unfolds

A dormant Bitcoin wallet has recently sprung back to life after being inactive for over a decade. On-chain data indicates that a wallet holding 41 BTC, valued at approximately $2.6 million, has been reactivated after 10.7 years of dormancy.

This resurgence is part of a broader pattern where long-untouched Bitcoin wallets—often linked to early adopters or miners—are being reactivated. The mentioned wallet had not made any transactions during a period characterized by significant growth and price increases for Bitcoin.

This awakening coincides with the evolving Bitcoin market cycle within the wider cryptocurrency landscape. According to CryptoQuant CEO Ki Young Ju, this cycle consists of three distinct phases. The first phase, already in progress, involves older whales reentering the market as active entities. The recent trend of previously dormant Bitcoins being activated supports this notion. The second phase sees these new whales transition into retail investors, while the final phase occurs when these retail investors hold onto their assets and eventually become old whales themselves.

Ju also noted that the flow of Bitcoin into exchange user wallets remains stable, contrasting with patterns observed during the previous bear market.

In terms of price action, Bitcoin tested the $64,000 mark on October 1, achieving a new monthly closing record for September. The closing price of $63,300 represented a 7.3% increase, marking it as Bitcoin’s strongest performance for the month of September to date. Bitcoin did drop to a low of $62,833 at the end of September but rebounded afterward. As of the latest updates, BTC has seen a slight increase of 0.22% in the last 24 hours, reaching $63,991, after hitting intraday peaks of $64,106.

Recent market analysis from CryptoQuant suggests that the market may be gearing up for another upward move. The analysis highlights very low Exchange Flow Multiple values prior to the significant rise in 2023, and current levels of this indicator are similarly low, possibly indicating that the market is preparing for its next upward trend.