Bitcoin Address Wakes Up From Dormancy After 10 Years Amid Price Slump

full version at coingape

In the last couple of days, more Bitcoin (BTC) addresses have woken up from their long state of dormancy. Their reactivation is raising concerns amongst crypto enthusiasts.

Multiple Dormant Addresses Reactivated

Whale Alert has drawn the attention of the crypto community to the reactivation of a Bitcoin address which had laid dormant for more than a decade.

A dormant address containing 43 #BTC (2,603,419 USD) has just been activated after 10.4 years!https://t.co/Q6axvLpjyO

— Whale Alert (@whale_alert) July 3, 2024

As showcased, the wallet held 43 Bitcoin which is currently equivalent to about $2.5 million. This is based on the market value of the digital currency at the time of the writing. Notably, Bitcoin has registered a 3.74% dip within the last 24 hours and is now trading at $59,627.62.

In mid-March, BTC price rose significantly especially as spot Bitcoin ETF inflows soared. This was the season when the flagship cryptocurrency hit its current all-time-high (ATH) of over $73,000. However, since that time, the coin has seen a steady drop in its value coupled with some fluctuations towards a price revival. Noteworthy, most of these wallet reactivation and transfer of BTC showed up as Bitcoin began to lose its profits.

Two Bitcoin whale addresses with the markers “16vRqA” and “1DUJuH” which stayed dormant for over a decade came alive in May. Coincidentally, the two addresses contained the same units of Bitcoin (500 BTC) and even went dormant within a 24 hour interval of each other. Similarly, an old Bitcoin address that has been dormant for 5 and a half years resurfaced in early June. Upon 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 Bitcoin were worth about $535 million.

Crypto Liquidations Hit $162M

One of the longest dormant Bitcoin wallet was also reactivated last week. On June 27, the on-chain tracker Lookonchain revealed that a dormant Satoshi-era miner wallet resurrected after 14 years of dormancy. This address also moved 50 BTC to the Binance crypto exchange.

Generally, the broad crypto market is seeing huge liquidations as investors attempt to bring their losses to the barest minimum. According to CoinGlass data, leveraged long positions experienced a significant drop recently, impacting the crypto industry.

More than 56.670 traders were liquidated, taking with them $162.22 million in digital assets. The largest single liquidation of $4 million was from OKX exchange.

The post Bitcoin Address Wakes Up From Dormancy After 10 Years Amid Price Slump appeared first on CoinGape.