According to a post shared by Cointelegraph, a Bitcoin (BTC) wallet has awakened after nearly 13 years of dormancy, with more than $53 million in profit. The wallet moved 0.25 BTC, worth about $28,000, after being inactive for more than a decade. The wallet still holds 479.44 BTC valued at $53.56 million.

Why Did The Bitcoin Wallen Wake Up?

It is possible that the wallet owner wanted to take out the principal amount invested. Since the wallet was asleep for such a long time, it is possible that the wallet owner forgot or lost their keys, and found it after more than 12 years.

There is also a possibility that the wallet owner wants to book profits after Bitcoin (BTC) hit an all-time high of $124,128 in August.

BTC Entering Consolidation Phase?

Bitcoin (BTC) has faced a steep correction after its ascent to a new peak last month. BTC’s price is down by 10.6% since its all-time high. According to CoinCodex data, BTC is down by 0.1% in the last 24 hours, 1.9% in the last week, 2.6% in the 14-day charts, and 3% over the previous month. Despite the dip, BTC has gained 95.7% since September 2024.

BTC’s price seems to be consolidating around the $110,000 price range. The lackluster performance could be due to investors being cautious, given that September has usually been a bearish month for the crypto market.

Also Read: Bitcoin Dominance Slumps to 55%, Time For Another Altcoin Rally?

Bitcoin’s (BTC) reluctance to rally may also stem from low ETF inflows over the last month. BTC’s climb to a new peak was fuelled by high ETF inflows.

Bitcoin’s (BTC) price may pick up steam over the coming weeks, as the Federal Reserve may cut interest rates after its September meeting. A rate cut could lead to a spike in risky investments. BTC could reclaim its all-time high price level if interest rates are slashed.