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Mysterious Satoshi-Era Bitcoin Wallet Awakens After 13 Years

A dormant Bitcoin wallet, inactive for 13 years, has been reactivated, containing millions of dollars worth of Bitcoin. This event adds to recent trends of increased activity among Bitcoin whales and significant transactions by the German and U.S. governments.

• Main Points:

  • Dormant Wallet Awakens: A Bitcoin wallet inactive since 2011 has been reactivated, holding 33 BTC worth over $2 million.

  • Increased Whale Activity: Recent weeks have seen large BTC transfers, including 8,000 BTC moved to Binance.

  • Government Sales: The German and U.S. governments have been selling large amounts of Bitcoin and Ethereum.

  • Significant Transactions: The U.S. government moved 3,375 ETH and the German government transacted 1,500 BTC.

• Detailed Insights:

  • Dormant Wallet Awakens: A Bitcoin wallet, dormant since 2011, has been reactivated, containing 33 BTC, equivalent to $2,142,474. This wallet, linked to the era of Bitcoin's mysterious creator, Satoshi Nakamoto, was flagged by Whale Alert.

  • Increased Whale Activity: Recently, a dormant whale moved 8,000 BTC to Binance, valued at over half a billion dollars. This wallet had been inactive for five and a half years. Additionally, another whale transferred 1,800 BTC to Binance, just before Bitcoin's price dipped from $63,800 to $63,000.

  • Government Sales: The German and U.S. governments have been actively selling Bitcoin and Ethereum. The U.S. government transferred 3,375 ETH, worth $11.75 million, to a newly created wallet. Simultaneously, the German government moved 1,500 BTC, valued at $94.7 million, with 400 BTC sent to exchanges like Bitstamp, Kraken, and Coinbase.

  • Significant Transactions: The U.S. government confiscated Ethereum from Estonian crypto entrepreneurs Potapenko and Turogin, who were recently extradited to the U.S. for crypto fraud and money laundering. After recent transactions, the German government still holds 44,692 BTC, worth $2.81 billion.

Related: Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week

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Bitcoin Price to Double This Year

Fred Krueger, a noted Bitcoin advocate, predicts that Bitcoin's price could double by the end of the year. This optimistic outlook comes as Bitcoin aims to regain bullish momentum despite recent challenges.

• Main Points:

  • Bullish Prediction: Fred Krueger forecasts Bitcoin could double in price by year-end.

  • Market Sentiment: Experts maintain that Bitcoin remains in a bull market despite struggles to surpass $68,000.

  • Difficulty Adjustment: Bitcoin network faces a significant difficulty drop, reminiscent of December 2022's market bottom.

• Detailed Insights:

  • Bullish Prediction: Fred Krueger's bold prediction suggests Bitcoin could see its price double by the end of 2024. He dismisses any "turtle nonsense," indicating strong confidence in a swift price increase.

  • Market Sentiment: Ki Young Ju, CEO of CryptoQuant, asserts that Bitcoin is still in a bull market despite multiple failed attempts to break the $68,000 barrier. Mike Novogratz of Galaxy Digital also predicts that Bitcoin could top $100,000 this year, provided it reclaims the pivotal $73,000 level.

  • Difficulty Adjustment: The Bitcoin network is expected to undergo a significant difficulty drop of around 6%, the largest since December 2022. Such adjustments have historically signaled market bottoms, suggesting a possible trend reversal amid miner capitulation following the halving event.

Related: American Billionaire Unsure of Bitcoin’s Future but There’s a Catch

Massive Inflows Boost Bitcoin ETFs as Investor Confidence Soars

U.S. spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $129.45 million, marking the fifth consecutive day of positive fund movements. This surge highlights growing investor confidence in Bitcoin ETFs.

• Main Points:

  • Significant Inflows: U.S. spot Bitcoin ETFs attracted $129.45 million on July 1.

  • Leading Funds: Fidelity’s FBTC fund led with $65 million, followed by Bitwise’s BITB with $41 million.

  • Market Performance: Bitcoin’s price stood at $63,050, a 0.25% increase over the previous 24 hours.

  • Investor Confidence: Continued inflows reflect growing institutional interest and potential future growth.

• Detailed Insights:

  • Significant Inflows: Data from SosoValue shows that U.S. spot Bitcoin ETFs experienced net inflows totaling $129.45 million on July 1. This marks the fifth consecutive day of positive fund movements, indicating robust investor confidence in these financial instruments.

  • Leading Funds: Among the ETFs, Fidelity’s FBTC fund led with $65 million in inflows, followed by Bitwise’s BITB fund with $41 million. Other notable contributors included Ark Invest’s ARKB fund, which received $13 million, along with smaller sums from Invesco, Galaxy Digital, VanEck, and Franklin Templeton.

  • Market Performance: Bitcoin was priced at $63,050 according to Tradingview, reflecting a modest 0.25% increase over the previous 24 hours. Despite a recent dip below $60,000, Bitcoin remains below the peak levels of over $71,000 seen in early June. Analysts from QCP Capital and Coinbase suggest that positive seasonality in July could favor Bitcoin and Ethereum, potentially driving prices higher.

  • Investor Confidence: The substantial inflows into Bitcoin ETFs underscore sustained interest and confidence among investors. Since their inception in January, these ETFs have garnered net inflows of $14.65 billion, indicating growing institutional adoption.

Related: Analyst Updates Spot Ether ETF Launch Date Prediction Amid SEC Delays

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results