Bitcoin prices have risen in anticipation of US regulatory approval of exchange traded funds
Dormant Bitcoin whale wallets have been reawakening in recent months. AFP

KEY POINTS

  • From $81,000, the dormant whale account activated with $8.5 million
  • Last month, a dormant whale grew its stash from $30 million to $500 million
  • Analyst James Check said Bitcoin prices are correcting, and BTC ETFs are noticing

A Bitcoin whale account that hasn't seen any movement for more than a decade has been activated, interestingly at a time when the world's top cryptocurrency by market value appears to have started a price correction.

From $81K to $8.5M

Whale Alert, which tracks the financial activities of some of the world's largest holders of $BTC, revealed Tuesday that a dormant whale wallet with 149 Bitcoins was activated "after 10.6 years." When it was first opened in 2013, 149 $BTC was worth around $81,000. On Tuesday, when the wallet moved the stash to another digital wallet for a fee of $3.30, 149 Bitcoins were worth around $8.5 million.

Whale holders play a key role in the cryptocurrency community. Their activity drives interest and engagement among other small crypto holders. They are often described as individuals or institutions with "diamond hands" due to the length of time they're willing to hold onto their assets.

The crypto community hailed the dormant whale wallet's reawakening. "That's how you hold on to your coins," one X user said. Several observers suggested that the wallet may be among those opened by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.

From $30M to $500M

The last time a whale's movement drew positive reactions from the community was in June, when a 6-year-old dormant whale wallet with 8,000 Bitcoins suddenly reactivated to the tune of $500 million. In 2018, the wallet's holdings were worth around $30 million.

The latest movement from a dormant whale account comes as $BTC prices have been steadily climbing since Monday. Last week was a wild ride for the digital currency amid market fears around the German government's massive sell-offs and MtGox repayments.

Bitcoin prices kick off correction

James Check, a prominent crypto analyst, noted how prices are starting to go through a correction and spot $BTC exchange-traded funds (ETFs) seem to be picking up on the uptrend. Bitcoin ETFs saw net flows of $216.4 million Tuesday, as per Farside Investors data. BlackRock's IBIT accounted for most of the positive flows, hauling in $121 million, followed by Fidelity's FBTC, with $91 million.

Data from CoinGecko shows that Bitcoin reclaimed $59,000 at one point early on Wednesday following last week's plunge below $55,000. The asset has spiked by over 2% in the last 24 hours.

Bitcoin prices early July 10 2024
Bitcoin has been on a steady climb since Monday, trading above $59,000 at one point early on Wednesday. CoinGecko

Gryphon Digital, a 100% renewable $BTC mining company, said that if holders of the world's oldest digital coin are "bothered" by the price action, "it just means you haven't been around long enough to know what happens next." The company was referring to the historical movement of Bitcoin prices wherein the asset surges after a downturn.

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