Bitcoin Wallet Dormant for Over a Decade Suddenly Transfers $57 Million Worth of BTC

The timing couldn’t be more dramatic, coinciding with BTC’s nosedive to a five-month low. The leading cryptocurrency took an 8% tumble

A Bitcoin wallet that had been dormant for over a decade has been activated, transferring 1,004 BTC to a new address.

The wallet, which had not been used since 2013, received its Bitcoin in 2013 and 2014 at an average price of $731 ($737K).

The massive sum of money was originally snagged for a mere $737,000, with each Bitcoin averaging just $731 back in the day.

The wallet’s awakening coincides with BTC’s downturn to a five-month low, with the leading cryptocurrency taking an 8% tumble before recovering some ground.

While stock markets were on the rise, Bitcoin faced challenges as the cryptocurrency market experienced a downturn.

BTC is now down about 25% from its March peak as the initial buzz around US Bitcoin ETFs fades into concerns about stubbornly high interest rates and political uncertainty.

The defunct Mt. Gox exchange has begun the process of returning an $8 billion Bitcoin cache to creditors, with a Mt. Gox-linked wallet shifting $2.7 billion worth of BTC, according to Arkham Intelligence.

However, analyst Crypto Feras argues that this dip is just a blip on the radar, typically Bitcoin plunges by about 55-65% during real bear markets, while this one looks like an ordinary correction.

Highlighting the game changing developments in the crypto sphere, spot ETFs hitting the scene, big-name companies loading up on BTC, and financial heavyweights like Blackrock getting in on the action.

Feras questions whether all this buzz was just to push Bitcoin 6.9% higher than its previous peak.

Noting the four-year cycle of Bitcoin, the analyst states that we are echoing the patterns of 2020 and that all the real fireworks might be held until 2025.

If BTC could skyrocket from $15,000 to $73,000 with interest rates at rock-bottom prices, imagine the potential when cheap money flows again.

Even if the market is getting beat up, Feras looks at it with a positive perspective and is optimistic about the late 2024 and early 2025 performance of his portfolio, advising that crypto enthusiasts hang tight and weather the storm.

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