According to on-chain data, a long-dormant Bitcoin whale has reemerged just as Bitcoin (BTC) briefly touched the $69,000 mark.

Blockchain data tracker Whale Alert reported that a Bitcoin wallet that had remained dormant for over 10 years has now been reactivated: "A dormant address containing 25 BTC worth $1,711,020 has just been activated after 10.8 years."

💤 A dormant address containing 25 #BTC (1,711,020 USD) has just been activated after 10.8 years!https://t.co/jb4vDe7CLO

— Whale Alert (@whale_alert) October 18, 2024

This wallet, which held 25 BTC, was worth roughly $1.71 million at the time of activation. The wallet in question had not made any transactions since 2013 when Bitcoin was valued at a fraction of its current price. At the time, BTC was priced below $1,000, making this whale’s holdings valuable given Bitcoin's meteoric rise over the past decade.

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The timing of this whale's reactivation coincides with Bitcoin's brief surge to $69,000, a level last seen in July this year. While BTC couldn’t sustain the price and slightly pulled back, BTC remains higher daily, up 0.67% in the last 24 hours to $68,392.

Bitcoin hits $69,000

Bitcoin increased for the fourth time in five days, with speculators eyeing $70,000 once more amid rising demand for digital assets.

The largest cryptocurrency briefly reached a high of $69,000 on Coinbase on Friday, exceeding a level recorded on Wednesday, which was also the highest since July 29. Bitcoin last traded for $70,000 on June 12.

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At the time of writing, BTC had marginally fallen to $68,399 after reaching highs of $68,689 during today's trade. Bloomberg reports that investors have added more than $1.8 billion this week to the dozen U.S. exchange-traded funds that hold Bitcoin. The investment products were initially approved in the United States in January.

Bitcoin reached an all-time high of $73,797 in March after soaring for weeks on expectations that demand for ETFs would outstrip the number of tokens available for sale. The BTC price then fell by more than 30% by early August, before commencing on the present bull market run.

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