Bitcoin Address Awakes After 10 Years
More Bitcoin (BTC) addresses have been awakening from their long dormant state over the past few days, and their reactivation is raising concerns among crypto enthusiasts.
Multiple Unused Addresses Reactivated
Whale Alert has drawn the crypto community’s attention to the reactivation of a Bitcoin address that has been dormant for over a decade.
As shown, the wallet currently held 43 Bitcoins, equivalent to around $2.5 million. This is based on the digital currency’s market cap at the time of writing. Notably, Bitcoin has seen a 3.74% drop over the past 24 hours and is currently trading at $59,627.62.
In mid-March, the BTC price rose significantly, especially as spot Bitcoin ETF inflows increased. This was the season when the flagship cryptocurrency reached its all-time high (ATH) of over $73,000. However, since then, the cryptocurrency has seen a steady decline in value, with some fluctuations in price recovery. Notably, most of these wallet reactivations and BTC transfers occurred when Bitcoin began losing its profits.
Two Bitcoin whale addresses marked “16vRqA” and “1DUJuH”, which had been dormant for over a decade, coincidentally came back to life in May. The two addresses contained the same Bitcoin units (500 BTC) and even became dormant within a 24-hour period of each other. Similarly, an old Bitcoin address that had been dormant for 5.5 years also resurfaced in early June. After the reactivation, the address transferred 8,000 BTC, which it received from 6 different transactions, to the Binance exchange. At the time of the transfer, the value of Bitcoin was approximately $535 million.
Crypto Liquidations Reach $162 Million
One of the longest dormant Bitcoin wallets was also reactivated last week. On June 27, on-chain tracker Lookonchain revealed that a dormant Satoshi-era miner wallet had been resurrected after 14 years of dormancy. The address also moved 50 BTC to the binance crypto exchange.
The broader crypto market has been seeing massive liquidations as investors look to minimize their losses. According to CoinGlass data, leveraged long positions have recently seen a significant decline, affecting the crypto industry.
More than 56,670 traders were liquidated, taking with them $162.22 million worth of digital assets. The largest single liquidation of $4 million occurred from the OKX exchange.
Read More: Bitwise Files Amendments to S-1 for Ethereum ETF Ahead of Launch Deadline
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and integration of the emerging technology worldwide. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a sports and agriculture enthusiast. Follow him excitementLinkedIn
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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