As a long-term crypto investor with a keen interest in Bitcoin and its history, I find this recent development quite intriguing. The reactivation of a Bitcoin address containing $1.14 million worth of Bitcoin after more than a decade of dormancy following a massive price crash is an unusual occurrence. While it’s unclear whether this transaction is related to the recent market downturn, the timing is certainly suspicious.
The well-known Bitcoin monitoring account, Whale Alert, has identified an inactive Bitcoin address that last saw activity over 11 years ago.
Remarkably, an address holding approximately $1.14 million in Bitcoin value today became active once more after over a decade of inactivity triggered by Bitcoin’s significant price plummet.
According to CoinGecko data, Bitcoin reached an intraday low of $53,898 before paring some losses.
Are whales selling Bitcoin?
On Friday, the cost of the largest cryptocurrency plummeted to its lowest point in the past five months. This downturn was instigated by two significant events: the Mt. Gox exchange distributing cryptocurrencies to its creditors, and both the U.S. and German governments selling off their Bitcoins.
Of course, it is not clear whether the reactivation is somehow related to the severe price plunge.
According to the cryptocurrency analysis platform Lookonchain, two major investors, referred to as whales, have recently transferred over $563 million in Bitcoin to the Binance exchange for sale.
Other Satoshi-era transfers
Over the past month, several Bitcoin addresses that have been inactive for over a decade have been reactivated. Specifically, on July 4, a Bitcoin address holding approximately 199 BTC was activated after a 12.4-year long slumber. Likewise, on July 3, an account with around 43 BTC was revived following a three-year hiatus. Lastly, on July 2, a previously dormant Bitcoin address containing roughly 33 BTC saw new activity for the first time since 2011.
Recently, a Bitcoin wallet from 2010 that is exceptionally scarce was activated, leaving the cryptocurrency world perplexed.
Read More
- USD ZAR PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- GBP CHF PREDICTION
- EUR MYR PREDICTION
- EUR BRL PREDICTION
2024-07-05 22:56