As a researcher with a background in cryptocurrency and blockchain technology, I find these recent activations of dormant Bitcoin addresses quite intriguing. The fact that two such addresses, containing significant amounts of Bitcoin, have been activated within a month’s time is a rare occurrence.
Based on the latest information from Whale Alert, a long-dormant Bitcoin wallet holding approximately $2.6 million in Bitcoin has been reactivated following over a decade of inactivity.
During this month, we’ve seen the revival of two Bitcoin addresses, each last active over a decade ago. Specifically, on July 2nd, Whale Alert identified the reactivation of a Bitcoin address holding approximately $2.1 million in BTC after a 13-year dormancy.
As a researcher studying the evolution of Bitcoin, I recently came across an intriguing discovery. Last month, a dormant Bitcoin wallet, which had been inactive for approximately 14 years, suddenly transferred around $3 million worth of BTC to Binance exchange. These coins represented a block reward from July 2010 – an era when ordinary personal computers could still effectively mine Bitcoin.
Diamond or not-so-diamond hands?
An old whale’s recent activation of its wallet occurred at the same time Bitcoin dipped below the $60,000 mark, hitting a low of $58,128 according to CoinGecko’s latest data.
Based on data from analytics tool Lookonchain, a significant investor (referred to as a “whale”) transferred approximately $106 million in Bitcoin to the Binance trading platform, incurring a loss during this transaction. This follows a previous loss of around $20 million for the same investor last month.
As a researcher studying the cryptocurrency market, I’ve noticed some speculation that the failure of Bitcoin to maintain the $60,000 support level could lead to a wave of panic selling. However, Ki Young Ju, the CEO of CryptoQuant, presents a different perspective. He points out that spot Exchange Traded Funds (ETFs) now make up over a quarter of total spot trading volumes. In his view, this signifies that new money entering the market is more mature than in previous cycles. He expresses his conviction that there’s still a significant amount of mature capital ready to invest in cryptocurrencies.
During this interim, the market attitude towards Bitcoin has shifted once again to apprehension, following its latest decrease in value.
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2024-07-04 09:32