As a researcher with extensive experience in the crypto market, I find the recent reactivation of multiple long-dormant Bitcoin addresses quite intriguing and concerning. The fact that some of these wallets have been inactive for over a decade adds an extra layer of mystery to this phenomenon.
Over the past few days, a significant number of inactive Bitcoin (BTC) wallets have become active once again. This sudden surge has left some cryptocurrency enthusiasts feeling uneasy.
Multiple Dormant Addresses Reactivated
The crypto community has been made aware by Whale Alert of a previously inactive Bitcoin address being brought back to life after over a decade.
A dormant address containing 43 #BTC (2,603,419 USD) has just been activated after 10.4 years!
— Whale Alert (@whale_alert) July 3, 2024
I’ve analyzed the contents of the wallet and found that it held approximately 43 Bitcoins at the time of assessment. This amount translates to around $2.5 million considering the current market value of Bitcoin. It is important to note that within the last 24 hours, Bitcoin has experienced a 3.74% decrease in value and is now being traded at $59,627.62.
Around mid-March, Bitcoin’s price experienced a notable surge. This upward trend was particularly pronounced as inflows into spot Bitcoin ETFs increased significantly. It was during this period that Bitcoin reached its current record high of over $73,000. Subsequently, the coin underwent a consistent decline in value, interspersed with occasional attempts to rebound. Of interest, an uptick in wallet activations and BTC transfers emerged as Bitcoin began to give up its gains.
Two Bitcoins accounts with labels “16vRqA” and “1DUJuH,” inactive for over a decade, became active in May. Interestingly, these two accounts held identical amounts of Bitcoin (500 BTC) and both became active within a day’s difference. Additionally, an older Bitcoin account that had been inactive for nearly 5.5 years reemerged in early June. Upon being activated, this account transferred 8,000 BTC it had received from six separate transactions to Binance. At the point of transfer, the Bitcoins were valued around $535 million.
Crypto Liquidations Hit $162M
As a researcher delving into the intricacies of Bitcoin’s blockchain, I recently came across an intriguing discovery: one of the oldest, inactive wallets was reactivated last week. According to on-chain tracker Lookonchain, this Satoshi-era miner wallet, which had been dormant for 14 long years, suddenly sprung back to life on June 27. The address then transferred 50 BTC to the Binance crypto exchange.
In simple terms, many investors in the cryptocurrency market are rushing to sell their assets in an effort to limit their losses during this volatile period. The data from CoinGlass indicates that there has been a substantial decrease in leveraged long positions, which is contributing to the instability within the crypto industry.
As a researcher studying the recent market turbulence, I’ve discovered that over 56,670 traders faced liquidation, resulting in the withdrawal of approximately $162.22 million worth of digital assets from the market. Among these liquidations, the largest single event occurred on OKX exchange, with a value of around $4 million being removed.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- USD RUB PREDICTION
- Survival Horror Games With an Unkillable Enemy
- Marvel Rivals Players Aren’t Happy With The Gold Rank Competitive Reward
- Scream 7 Needs To Unite The Fanbase
- Pokemon Fan Shares Adorable Twin Umbreon Rug
2024-07-04 01:29