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Crypto data tracker Whale Alert just reported that a dormant address, obviously a Satoshi-era wallet containing 1,128 BTC worth $31,587,849, has just been activated after 10.5 years.
Lookonchain, an on-chain analytics firm, provides further details on the wallet activity.
A whale with 1,128 $BTC($31.6M) that has been dormant for 10 years transferred 279 $BTC($7.8M) to 3 new addresses just now.
— Lookonchain (@lookonchain) April 21, 2023
The whale received 1,128 $BTC in October 2012 and May 2013, when prices were $12 and $195.https://t.co/2MxnVzcEMl pic.twitter.com/2GM7Oq4e2P
According to Lookonchain, the whale with 1,128 BTC reactivated and transferred 279 BTC worth $7.8 million to three new addresses. It notes that the whale received the said 1,128 BTC in October 2012 and May 2013, when prices were $12 and $195, respectively.
Yesterday, as reported, a dormant Bitcoin whale reawakened after 9.3 years to transfer 2,071.5 BTC, valued at around $60.7 million. This whale initially received 6,071.5 BTC on Dec. 19, 2013, when the price of Bitcoin was about $663.
While HODLers are often associated with coin dormancy, the Bitcoin network is seeing increased activity. Glassnode, in its most recent weekly report, notes that organic transaction counts are now over 270K/day, which is approaching cycle highs on a monthly average basis.
This is associated with both monetary transfers and the emergence of ordinal inscriptions, which have surpassed the one million milestone.
While Bitcoin is seeing increased activity, the hodling of BTC coins is increasing, as Glassnode recently alerted that Bitcoin's Percent Supply Last Active over five years just reached an ATH of 28.58%.
Bitcoin based on on-chain analysis sits in somewhat neutral territory, above the foundation forming a supply cluster between $16K and $25K, where significant coin volume changed hands, Glassnode noted.
Bitcoin's price continued its downturn for a third day, dropping below $28,000 briefly on the morning of April 21. At the time of writing, Bitcoin was down 2.41% in the last 24 hours to $28,220. Interest rate concerns emerged after U.S. Federal Reserve officials hinted last week at one more quarter-point interest rate hike in the upcoming May policy rate meeting.
The price of Bitcoin briefly fell below $28,000 on Friday as the crypto market decline entered its third day. At the time of writing, the price of Bitcoin had dropped by 2.41% in the previous day to $28,220.
Concerns over interest rates surfaced when U.S. Federal Reserve officials signaled last week that the upcoming May policy rate meeting might see one more quarter-point increase in interest rates.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team