A Bitcoin wallet, inactive for nearly 12 years, has come to life, moving 159.2 BTC valued at $11.3 million. Initially, the wallet held 749 BTC, approximately $53.2 million. This rare activity was tracked by platforms like Mempool and Whale Alert, raising curiosity in the crypto community about the wallet owner and their intentions.
The transaction occurs amidst Bitcoin's recent price surge, breaking the $70,000 resistance and trading at $72,638. Such movements from inactive wallets often intrigue the community, speculating on potential strategic reasons or personal financial shifts by holders amidst favorable market conditions.
In addition to this intriguing transaction, Bitcoin’s on-chain performance has been showing positive trends. Analysts underscore that several metrics, like hash ribbons and the Stablecoin Supply Ratio Oscillator, indicate potential further price increases for Bitcoin, highlighting increased demand and purchasing interest from stablecoins converting into Bitcoin.
Among these metrics, a CryptoQuant analyst noted a positive hash ribbon signal, historically associated with long-term returns. Meanwhile, another analyst pointed out that the Stablecoin Supply Ratio Oscillator has reached a bottom not seen since 2022, suggesting a previous rally's potential return.
