Revived Bitcoin Wallets Spark Interest as Crypto Market Shows Signs of Recovery”
As the broader cryptocurrency market demonstrates signs of recovery, notable activities from previously dormant Bitcoin wallets are drawing significant attention. Recently, a mining wallet that had been inactive for 11 years transferred 250 Bitcoins, valued at $13.95 million, to five new wallets. This transaction, highlighted by Lookonchain, an advanced funds-tracking tool, is particularly significant given the wallet’s historical inactivity, having mined 250 Bitcoins back in 2010.
Miner Wallet Distributes 250 BTC
According to the intelligent funds tracker, the mining wallet reactivated today at 03:59 UTC. The source address withdrew $13.95 million worth of Bitcoin and distributed it across five destination addresses, with amounts ranging from 10 to 60 Bitcoins each.
Notably, the wallet’s largest profit is projected for 2024, amounting to $14,022,065. The increase in Bitcoin’s price over the years has dramatically enhanced the wallet’s value, reflecting a substantial growth from $112.24 in 2013 to $56,200.49 in 2024. The address has achieved an impressive return of approximately 49,971% in less than 11 years.
Another Dormant Address Activates
Whale Alert has also reported the reactivation of another dormant Bitcoin address containing 26 BTC ($1,499,808). This address had been inactive for 10.6 years, with its original value at $15,235 in 2013. This recent development is part of a broader trend of awakening whales. In a separate event, a transaction on August 6, 2024, saw 20.79 BTC transferred to the Gemini exchange, indicating potential selling activity.
Read also Bitcoin Whales Amass $1.6 Billion in BTC Within 48 Hours Amid Market Dip
July Sees Major Whale Activity
The recent activities of whales are not isolated incidents. In July, Whale Alert tracked two dormant Bitcoin addresses totaling 155 Bitcoins. One address, inactive for 11.3 years, reactivated with 130 Bitcoins, worth $8,423,540. Another address, dormant for 10.3 years, transferred 25 Bitcoins, valued at $1,619,912. These movements underscore significant long-term returns, with one wallet recording a return of 86,446%.
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