Ancient Bitcoin Whale Back to Life After 11 Years With Massive 26,147% Gains

U.Today - According to on-chain data, a long-dormant Bitcoin address has been reactivated after 11 years, yielding a staggering 26,147% gain.

According to blockchain data tracker Whale Alert, "a dormant address containing 67 BTC worth $5,525,168 has just been activated after 11.0 years worth $21,050 in 2013."

The 67 BTC at the time of reactivation is now valued at nearly $5,525,168, a 26,147% increase from its worth of $21,050 back in 2013.

The identity of the owner remains unknown, but the timing and magnitude of this activation have sparked speculation about the intentions behind it.

Some speculate it could be an early investor cashing in on their gains, while others wonder if it signals a broader trend of long-term holders beginning to move their assets, as seen in several reactivations in recent weeks.

Bitcoin, the first and largest cryptocurrency by market capitalization, continues its continuous upward trend, crossing $89,000 for the first time in Tuesday's trading. Bitcoin has increased by more than 30% since last week, establishing new highs virtually daily.

Bitcoin has already more than doubled in 2024, thanks to strong demand for dedicated U.S. exchange-traded funds and a Federal Reserve interest rate reduction.

Bitcoin to reach $100,000?Bitcoin's record-breaking run sent the cryptocurrency to highs of $89,993 on Tuesday, increasing the overall value of the crypto market. Some predict that Bitcoin will hit $100,000 by the end of the year, and $150,000 by the end of 2025.

According to Bloomberg, Bitcoin options traders are already targeting a milestone price of $100,000 for the original cryptocurrency. Investors are placing bets that Bitcoin will reach the milestone by the end of the year, according to statistics from crypto options exchange Deribit.

As of Monday morning, there were 9,635 Bitcoin — worth around $780 million — in open interest bets on Bitcoin reaching $100,000 by Dec. 27, according to Deribit data. That is the most at stake for any trade with that expiration date. Deribit estimates that the trade has an 18.6% chance of paying off.

Source: Investing.com