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According to Whale Alert, a dormant Bitcoin address has been activated after almost 10 years.
Blockchain data tracker Whale Alert reports that a wallet containing 25 BTC has just been activated after 10.6 years. The value of the Bitcoin stash held in this wallet was $20,399 in 2013. This has skyrocketed to a staggering $1,569,552, marking an impressive 7,594% gain.
Several dormant Bitcoin wallets have been reactivated in recent weeks. Just in the last 24 hours, a wallet containing 1,000 BTC that had been dormant for 11.8 years was reactivated.
Tomiwabold OlajideThe value of BTC in this particular wallet has skyrocketed from $11,908 in 2012 to an astonishing $59,989,823. In another similar action, a Bitcoin wallet that contained 25 BTC and had also held this stash for 10.6 years was reactivated on July 13.
Likely reasons
The activation of this long-dormant address has sparked curiosity and speculation within the crypto community. The sudden reactivation of the long-dormant wallet sparks questions about the identity of the wallet holder and their reasons for reactivating the address after such a prolonged period of inactivity.
Notably, the reactivation of this wallet comes at a time when Bitcoin is experiencing bullish momentum. Bitcoin rose to intraday highs of $63,393 after soaring for three consecutive days.
This suggests that the wallet activation might have been a strategic move to capitalize on the market's current bullish momentum. Perhaps the owner had to wait for the Bitcoin price to appreciate, hodling it for a significant number of years. Another scenario might be a long-lost wallet whose keys had just been rediscovered. However, the exact motive in this particular context remains unknown.
At the time of writing, BTC was up 5.39% in the last 24 hours to $63,000.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team