In the last 24 hours, the Bitcoin (BTC) price soared to a peak of $125,337.53 as the bullish crypto market rally continued. The surge in price has triggered a dormant Bitcoin address containing 691 BTC back to life. As spotted by Whale Alert, an on-chain monitoring platform, the reactivated address has sold the assets in a series of transfers.

Satoshi-era dormant Bitcoin awakens

Notably, the total value of the asset is $86,437,802, as it was sold at an average price of $125,056.15 per coin. This strategic sale by the address, which did not record any transactions between 2012 and 2013, resulted in a staggering 82,355% profit.

The address is obviously an old Bitcoin wallet, and the asset was acquired in the early days of BTC mining, when the asset traded far below $1,000. Such addresses usually attract market attention given the length of time that the investor has held on to it without making any sell move.

💤 💤 💤 💤 💤 💤 💤 💤 💤 A dormant address containing 691 #BTC (86,437,802 USD) has just been activated after 12.5 years (worth 104,826 USD in 2013)!https://t.co/AZnqoGqf5A

The sold coins from the Satoshi era are gaining significant attention as this month marks 17 years since the Bitcoin white paper. Industry stakeholders recall that Satoshi Nakamoto had, on Oct. 31, 2008, sent an email entitled "Bitcoin P2P e-cash paper" to cryptography enthusiasts.

That email laid the foundation for the enormous profit that this reactivated Bitcoin address has benefited from in the last couple of hours.    

Aside from this Satoshi-era holder, other Bitcoin whales have also made some sales. In the last 48 hours, a few hours after Bitcoin flipped $123,400, a whale transferred 1,550 BTC valued at approximately $200 million to Binance.

The move appears to confirm what VanEck’s Head of Digital Asset Research, Matthew Sigel, stated about exchanges being short of Bitcoin. Although Sigel did not name any specific exchange, he hinted that the reserves of most exchanges were in decline. He said VanEck had received calls from exchanges demanding to buy Bitcoin, a development that suggests scarcity.

Whale action confirms exchange reserves fall

As of press time, Bitcoin is exchanging hands at $124,545.23, representing a 1.22% increase in the last 24 hours. However, the trading volume has dipped by 13.55% to $59.5 billion as the market signals overbought conditions. The Relative Strength Index (RSI) of BTC is currently 82.47.

Regardless, the momentum remains bullish, and market watchers are predicting that if the asset stabilizes above $125,559, it could target $135,000. There are speculations that the asset could hit $150,000 before the end of 2025.

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