U.Today – A dormant address containing 48 BTC, valued at $2.57 million, went live today after 13 years of inactivity, Whale Alert reports. This address originally received these coins when the price of Bitcoin was as low as $13.7 per BTC, representing a staggering 400,179% gain.
The reactivation of long-dormant addresses often triggers bearish sentiment among market participants. It often suggests that holders are preparing to liquidate their assets, which could flood the market with significant amounts of Bitcoin and increase selling pressure.
This month we’ve seen a trend of decades-old wallets being reactivated, and today’s event is part of a larger pattern. Recently, U.Today reported on the activation of another dormant address containing roughly $8 million worth of BTC. Additionally, two addresses containing over $2 million each were reactivated after long periods of inactivity last week.
These moves are particularly notable given the current state of the cryptocurrency market. The price of Bitcoin continues to trade at its lowest levels in months, recently hitting $54,300, a level not seen since late April.
In a recent case, the unknown whale, after 13 years of inactivity, transferred 1,949 BTC, equivalent to $111,450, to a new address, labeled as “bc1q6p.” Another 1 BTC was sent to another new address, “3J4Ng.” It is anticipated that the investor will further distribute his Bitcoin savings through these new addresses.
Also interesting is the whale's use of different Bitcoin address formats. Traditional addresses start with “1,” multisig addresses start with “3,” and SegWit addresses start with “bc1.” These formats offer different levels of security and transaction efficiency.
This article was originally published on U.Today
