According to Whale Alert, a Bitcoin address that had been dormant for over 12 years has suddenly become active. The address, which holds 119 BTC valued at nearly $7 million, was worth just $599 in 2012, representing an incredible gain of over 1,166,666%. This recent awakening signals a potential market sell-off, as it suggests that the owner may be planning to liquidate their Bitcoin holdings, which could increase selling pressure and potentially lead to a drop in prices.
Interestingly, this is not an isolated incident. This month has seen a trend of old BTC wallets becoming active again. For instance, just a few hours before this latest activation, Whale Alert reported another dormant address coming to life with BTC worth about $2.6 million. Additionally, on July 2, after 13 years of inactivity, an address containing $2.1 million in Bitcoin was activated.
These movements are particularly notable against the backdrop of Bitcoin’s recent price struggle. The cryptocurrency recently dipped to $57,300 – a level not seen since the end of April.
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