U.Today

According to data shared by blockchain sleuth Whale Alert, which monitors large crypto transactions and shares the details on X, an ancient Bitcoin holder has awakened.

This wallet had been inactive since 2014. Recently, several dormant Bitcoin wallets have returned to life after a long hibernation, with this wallet showing massive four-digit gains.

Bitcoin whale returns with 7,240% profit

The Bitcoin wallet, last used over 10 years ago, currently contains 99 BTC. The initial worth of these coins in 2014 was $83,068 but has now skyrocketed to approximately $6,097,440, a dramatic increase of around 7,240%.

This week marks the fourth Bitcoin wallet returning from dormancy. On Tuesday, a whale reactivated their wallet which was holding 21 BTC since 2013, now worth $1,307,996.

On October 1, two additional wallets containing 41 BTC (worth $2,611,481) and 77 BTC (valued at $4,902,160) were detected by Whale Alert.

These ancient whales unexpectedly brought their old Bitcoin holdings to the market as October commenced—a month traders refer to as “Uptober,” historically associated with Bitcoin rallies in five different years.

“Uptober” beginning sees Bitcoin crashing

However, the start of “Uptober” did not unfold as expected. Due to negative geopolitical developments in the Middle East, Bitcoin’s price plummeted on Sunday, losing 8.46% since then, including 2.51% in the last 24 hours. BTC fell from $66,000, landing at $60,325 today.

As the situation develops, investors have been selling Bitcoin and other risk-on assets to buy gold. Bitcoiner and JAN3 CEO Samson Mow has criticized this move, emphasizing that gold is not easily transportable during troubled times.

Despite the downturn, Mow remains optimistic. He stated, “I still Bullieve,” predicting that BTC could skyrocket to $1 million per coin by next year.

This article was originally published on U.Today