7,240% Bitcoin Gains Made by Dormant BTC Whale as 'Uptober' Kicks Off

U.Today - According to data shared by blockchain sleuth Whale Alert, which monitors large crypto transactions and shares the details on X, has detected the awakening of an ancient Bitcoin holder.

This wallet has remained inactive since 2014. Over the past few weeks, several other dormant Bitcoin wallets returned to life after a long hibernation. This wallet has demonstrated massive four-digit gains.

Bitcoin whale returns with 7,240% profitThis Bitcoin wallet, which was last used more than 10 years ago, contains 99 BTC. The difference between the initial worth of these coins in 2014 and that reached now is amazing – from $83,068 to a whopping $6,097,440. This comprises roughly 7,240%.

This week, this is the fourth Bitcoin wallet that has returned from dormancy. On Tuesday, a whale reactivated their wallet, which had held 21 BTC since 2013. That amount of BTC is worth $1,307,996 now.

On Oct. 1, two wallets, containing 41 BTC worth $2,611,481 and 77 BTC evaluated at $4,902,160, were detected by the aforementioned data source.

These ancient whales suddenly brought their old Bitcoin holdings to the market as October began – this month is called by traders and investors as “Uptober” since Bitcoin rallies have historically started five different years in this month in the past. Sometimes, these rallies came in years when Bitcoin experienced a halving, seeing miner rewards slashed in half.

"Uptober" beginning sees Bitcoin crashingHowever, “Uptober” began not as many expected. Due to the negative geopolitical developments in the Middle East, the Bitcoin price began to plunge on Sunday. It has lost 8.46% since then and 2.51% in the last 24 hours. On Sunday, BTC crashed from the $66,000 level, landing on $60,325 today.

As the developments continue to unravel, investors have been selling Bitcoin and other risk-on assets to buy gold. Bitcoiner and JAN3 CEO Samson Mow have criticized those who are doing it, poking them by saying that gold cannot be easily transported in case of troublesome times.

Mow stated that he remains bullish, despite this situation. “I still Bullieve,” he tweeted. Mow believes that in the near future, and actually as soon as next year, BTC is likely to skyrocket and reach $1 million per coin.

Source: Investing.com