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Satoshi-Era Bitcoin Address Suddenly Activated Following BTC Price Crash

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Fri, 5/07/2024 - 19:31
Satoshi-Era Bitcoin Address Suddenly Activated Following BTC Price Crash
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Whale Alert, a popular X account that tracks notable transactions across various blockchains, has spotted a Bitcoin address that was recently reactivated for the first time in more than 11 years. 

Notably, the address, which contains $1.14 million worth of Bitcoin at current prices, sprung back to life after more than a decade of dormancy following the cryptocurrency's massive price crash. 

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According to CoinGecko data, Bitcoin reached an intraday low of $53,898 before paring some losses. 

Are whales selling Bitcoin? 

The price of the largest cryptocurrency collapsed to the lowest level in five months on Friday due to the double-whammy of the infamous Mt. Gox exchange replaying crypto to creditors as well as U.S. and German governments going on a Bitcoin selling spree. 

Of course, it is not clear whether the reactivation is somehow related to the severe price plunge. 

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That said, cryptocurrency analytic platform Lookonchain recently noted that whales were busy selling the leading cryptocurrency. In fact, just two whales have deposited as much as $563 million worth of Bitcoin to the Binance exchange since June 27. 

Other Satoshi-era transfers 

Several Bitcoin addresses that are older than 10 years have been activated during this month so far. On July 4, a Bitcoin address containing 199 BTC was activated after 12.4 years. On July 3, a dormant address with 43 BTC sprung back to life after three years. On July 2, an address with 33 BTC became active again for the first time since 2011.

Last month, an extremely rare Bitcoin miner wallet from 2010 also came out of hibernation, puzzling the cryptocurrency community.  

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