Bitcoin (BTC) price soared to a new record high of $125,337 in 24 hours, and the rally, as it has happened before, has awakened the inactive Bitcoin- a whale whose wallet contained 691 BTC.
The total value of the coins on the balance sheet is $86,4 million, and when sold at an average price of $125,056, the profit was 82,355%.
The wallet apparently belongs to an early Bitcoin adopter, as the coins were purchased in the early days of BTC mining, when it was worth next to nothing.
According to Matthew Siegel, head of digital asset research at VanEck, Bitcoin’s rise is also fueled by a shortage of BTC on exchanges. He said VanEck is receiving calls from exchanges asking for Bitcoin, indicating a shortage.
Bitcoin’s current price is $125,268, up 1,7% from the previous day. Trading volume has fallen 13,55% to $59,5 billion, suggesting it may be overbought.
However, the momentum remains bullish, and analysts predict that if the asset stabilizes above $125,500, its price could jump to $135,000. Many have also regained faith that Bitcoin could reach $150,000 by the end of the year.