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According to recent data provided by Whale Alert, a dormant Bitcoin address containing roughly $2.6 million worth of Bitcoin got activated after more than a decade.
This is the second decade-old Bitcoin address that has sprung back to life during this month. On July 2, Whale Alert detected the first activation of a Bitcoin address containing $2.1 million worth of BTC in 13 years.
Last month, a Bitcoin miner wallet woke up after 14 years of hibernation to send $3 million worth of BTC to the Binance exchange. These coins were a block reward dating back to July 2010 when the original cryptocurrency could still be mined with an ordinary personal computer.
Diamond or not-so-diamond hands?
The latest activation of an ancient whale address coincided with Bitcoin's plunge below the $60,000 level. According to CoinGecko data, the leading cryptocurrency recently reached an intraday low of $58,128.
Alex DovbnyaAccording to analytics platform Lookonchain, a whale recently deposited a whopping $106 million worth of Bitcoin to the Binance exchange at a loss. This came after the whale took a $20 million loss last month.
While some expect a wave of panic-selling after Bitcoin failed to hold the $60,000 support level, Ki Young Ju, CEO at CryptoQuant, is convinced that this cycle is different due to the fact that spot ETFs now account for more than a quarter of total spot trading volumes. "New money this time is more mature than ever, and I believe there's still much more mature money to come," he stated in a post on his X social media profile.
In the meantime, the market sentiment has plunged back to "fear" following Bitcoin's most recent price drop.
Dan Burgin
Gamza Khanzadaev
Vladislav Sopov