A dormant Bitcoin address containing 48 BTC worth $2.57 million was activated today after 13 years of inactivity, Whale Alert reports. The address initially received the coins when Bitcoin was trading at just $13.7 per BTC, representing a staggering gain of 400,179%.
The reactivation of long-dormant addresses typically triggers bearish sentiment among market participants. This often indicates that holders are preparing to liquidate their holdings, potentially flooding the market with significant volumes of Bitcoin and increasing selling pressure.
This month has seen a trend of decades-old wallets being reactivated, and today’s event is part of a larger trend. U.Today recently reported another activation of a dormant address containing around $8 million worth of BTC. Additionally, two addresses containing over $2 million each were reactivated after long periods of inactivity last week.
💤 Inactive address containing 48 #BTC ($2,745,229) has been activated after 13.0 years! https://t.co/pGLJrXTYXO
— Whale Alert (@whale_alert) July 8, 2024
These moves are particularly notable given the current state of the cryptocurrency market. Bitcoin continues to trade at its lowest levels in months, recently hitting $54,300, a level not seen since late April.
In a recent case, an unknown whale, after 13 years of inactivity, transferred 1,949 BTC, equivalent to $111,450, to a new address labeled “bc1q6p.” Another 1 BTC was sent to another new address, “3J4Ng.” The investor is expected to continue distributing his Bitcoin holdings through these new addresses.
The whale’s use of different Bitcoin address formats is also interesting. Traditional addresses start with “1”, multi-signature addresses start with “3”, and SegWit addresses start with “bc1”. These formats offer different levels of security and transaction efficiency.
