Dormant Bitcoin (BTC) Address From the 'Satoshi Era' Reactivated, Resulting in 169,358,650% Gain

According to Whale Alert, a dormant Bitcoin address dating back to Bitcoin's earliest days has been reactivated, resulting in an enormous gain of 169

A Bitcoin (BTC) address from the early days of the flagship cryptocurrency has been reactivated, resulting in an incredible gain of 169,358,650%.

According to a recent notification from Whale Alert, a dormant address containing 50 BTC, which is currently valued at almost $3,387,175, has been activated after 14.3 years. In 2010, these 50 BTC were only valued at $2.

The wallet belongs to the "Satoshi era," which is named after the period when Bitcoin's pseudonymous creator, Satoshi Nakamoto, was still actively involved in the crypto community.

The whale's identity is still unknown, leading to speculation about their intentions after holding onto the BTC stash for so long.

According to on-chain analytics platform Lookonchain, the wallet likely belonged to an early miner who earned 50 BTC as a block reward on July 13, 2010. "A miner wallet woke up after being dormant for over 14 years and transferred 50 BTC ($3.05 million) out 2 hours ago. The miner earned 50 BTC from mining on Jul 13, 2010," Lookonchain stated in a recent tweet.

The specific reason for the activation is still unknown, but the whale may have decided to cash in on the massive gains, considering Bitcoin's astronomical rise over 14 years, or perhaps the miner simply rediscovered the keys to the wallet.

Meanwhile, Bitcoin price action is showing signs of recovery after a difficult September. BTC began the week trading above the $20,000 threshold. However, the sprightly start was cut short as the leading cryptocurrency encountered resistance at $20,500 and slid back below the $20,000 mark.

On the macroeconomic front, traders have been closely monitoring comments from several Federal Reserve members this week on the large 50-basis-point interest rate decrease in September and the likely path ahead.

According to CME's FedWatch tool, the market pricing gives the Fed a 97% chance of reducing rates by 25 basis points in November.