After a lengthy period of dormancy, a Bitcoin address containing 48 BTC worth $2.74 million has been activated. Whale Alert, a prominent crypto tracking service, brought attention to this development in a recent post.
On-chain data from Arkham Intelligence reveals that the owner of the wallet transferred 2.949 BTC to two different addresses today. The first address received 1.949 BTC ($111,450), while the second address received 1 BTC. As of now, the wallet holds 45.051 BTC, valued at $2.57 million.
This activation is just the latest example of previously dormant Bitcoin wallets coming back to life. Whale Alert has documented several instances of this phenomenon this month alone. On July 2, an anonymous user activated a dormant Bitcoin wallet that had been untouched for 13 years, containing $2.1 million worth of BTC.
The following day, another dormant address, which had remained inactive for over a decade, was reactivated. This address held 43 BTC, valued at $2.6 million at the time.
On July 4, a dormant Bitcoin address containing 119 BTC woke up after 12.4 years of hibernation.
Unsurprisingly, the reactivation of multiple dormant Bitcoin wallets has sparked reactions from crypto enthusiasts. Some users have raised concerns about potential scams, considering the number of cases that have been reported within a short period.
It is worth noting that most of these dormant wallets were created during the time when Bitcoin’s founder, Satoshi Nakamoto, was still active. Back then, BTC could be acquired at much lower rates compared to its current value. Additionally, some of these funds may belong to miners who were fortunate enough to accumulate large amounts of BTC when mining rewards were still high. The identity of the owner of the recently activated wallet remains unknown.
According to data from Fortune, over 1.75 million Bitcoin addresses have been inactive for over a decade. Of these, 1.73 million wallets hold less than 50 BTC. There are 12,070 wallets holding 50 to 51 BTC, 2,616 dormant wallets containing between 51 and 1,000 BTC, and 192 dormant wallets holding between 1,000 and 10,000 BTC.
As of now, Bitcoin has experienced a daily increase of 0.67% to reach $57,194. However, it has seen declines of 8.84% and 17.62% in the weekly and monthly charts, respectively, according to CoinMarketCap data.
Disclaimer: This article serves as informational content and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic assumes no responsibility for any financial losses incurred.