Yet another ancient Bitcoin (BTC) address has emerged from hibernation, according to data provided by Whale Alert.
The address, which contains $1.45 million worth of BTC, has now been reactivated for the first time in nearly 11 years.
This is the seventh dormant Bitcoin address that has emerged from hibernation this month so far, according to Whale Alert.
On Aug. 16, another million-dollar Bitcoin address was reactivated after 10.3 years.
Tomiwabold OlajideThe biggest transaction of this month took place on Aug. 7. A whale address containing as much as $14 million sprung back to life after more than 11 years.
Bitcoin is not the only network with peculiar activities involving long-dormant dresses. In early August, an ancient Ethereum address containing $1.25 was also activated after nine years of inactivity.
Wallets that remain inactive for long periods of time are believed to be gone forever. However, this might not be the case due to the fact that a lot of HOLDers prefer to keep their coins for years instead of selling them since they anticipate future price appreciation. It is safe to assume that some of these "diamond hands" are the owners of wallets that were recently sprung back to life after a decade of inactivity. It is also possible that someone rediscovered their misplaced keys and moved to cash out their holdings.
Alex DovbnyaNotably, there is no direct correlation between Bitcoin's price action and wallet activations.
The cryptocurrency is currently changing hands at $58,644 after dipping 1.7% over the past 24 hours, according to CoinGecko data.
Yuri Molchan
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin