U.Today – Dormant Bitcoin Whales Reactivate

Dormant Bitcoin whales are emerging after 10-12 years of inactivity. Whale Alert, a blockchain tracker, reports that another wallet has been reactivated after many years out of market activity.

Satoshi-Era Wallet Returns with Huge Profit

The recently reactivated wallet had been unused for 11.9 years and contains 31 BTC. This seemingly modest amount has grown significantly, valued today at $1,813,156, compared to just $362 in 2012, representing a staggering 500,772% profit increase. Over the past month, Whale Alert has identified at least a dozen Bitcoin whales reactivating dormant wallets, all showcasing massive profit increases.

Bitcoin ETFs Keep Losing Bitcoin

According to analytics account @spotonchain, spot Bitcoin ETFs have faced significant outflows for six consecutive trading days. The only ETF that saw inflows was Bitwise, with a modest $9.5 million. In contrast, Fidelity, Grayscale, and VanEck experienced outflows of $7.6 million, $34.2 million, and $4.9 million respectively on Sept. 4. Overall, around $37 million worth of Bitcoin was lost from these ETFs, contributing to a recent bearish market trend.

Additionally, Bitcoin experienced a 5.37% price crash, partly influenced by a significant sell-off in the U.S. stock market, amounting to approximately $1 trillion. Financial commentator Jim Cramer noted that this sell-off targeted AI/data center/computing firms and housing/oil businesses. This coincided with a U.S. Department of Justice subpoena against Nvidia and other chip-making companies under antitrust suspicions.

This article was originally published on U.Today