Dormant Bitcoin Wallets Awaken as BTC Skyrockets to $60,000

U.Today - Bitcoin , the largest cryptocurrency by market value, topped $60,000, reaching highs of $60,660 in Saturday trading. The surge reflected a reversal of September losses amid fears of a weakening U.S. economy.

Bitcoin's price rose on Friday, reaching $60,770, its highest level since the beginning of September, as traders became optimistic that the Federal Reserve's next meeting might yield a jumbo-sized rate cut.

The gains were sustained till press time with Bitcoin up 3.27% in the last 24 hours to $59,835.

As Bitcoin touched the $60,000 mark, on-chain analytics platform Lookonchain reported that seven wallets that have been dormant for over one year and most likely belonging to the same whale deposited 203 BTC worth $12.18 million into Binance some hours ago for a profit of $6.89 million.

Depositing to exchanges usually reveals an intent to sell while withdrawals might imply buying. According to Lookonchain the said Bitcoin whale bought the said 203 BTC for a worth of $5.29 million between March 10 and Aug. 7, 2023.

Whales make movesAccording to on-chain data sources, Bitcoin whales have made remarkable moves, buying and selling in the last 24 hours, coinciding with Bitcoin's surge above $60,000.

According to Lookonchain, after the BTC price broke through $60,000, a Bitcoin whale bought another 1,062 BTC worth $63.96 million. The whale currently holds 10,043 BTC worth $603.84 million.

Likewise, in a profit-taking move, a BTC swing trader deposited 205 BTC worth $12.4 million into Binance, netting a total profit of $2.36 million.

Bitcoin corporate holder MicroStrategy revealed buying another 18,300 BTC worth $1.11 billion at $60,408 between Aug. 6 and Sept. 12.

MicroStrategy currently holds 244,800 BTC worth $14.15 billion, and the average buying price is $38,585. At current prices, the profit would amount to a whopping $4.71 billion.

Source: Investing.com