Decade-Old Bitcoin Addresses Revived Amid Market Turbulence
Recent Whale Alert data revealed that a Bitcoin address dormant for over a decade suddenly became active, holding approximately $2.6 million worth of Bitcoin.
This marks the second instance this month of such an old Bitcoin address coming back to life. Earlier on July 2nd, Whale Alert reported the reactivation of another Bitcoin address, dormant for 13 years, containing $2.1 million worth of BTC.
In a similar event last month, a Bitcoin miner’s wallet re-emerged after 14 years, sending $3 million worth of BTC to Binance, originating from block rewards dating back to July 2010, when Bitcoin could still be mined using standard personal computers.
The revival of this ancient whale address coincided with Bitcoin’s drop below the $60,000 mark, reaching a low of $58,128, according to CoinGecko data.
READ MORE: German Government Sold 1,300 Bitcoin, Triggering the Price Drop
Analytics platform Lookonchain reported a whale depositing a substantial $106 million worth of Bitcoin to Binance recently, despite taking a $20 million loss the previous month.
Amid concerns of potential panic-selling after Bitcoin failed to hold the $60,000 support level, CryptoQuant CEO Ki Young Ju offered a contrasting view.
He pointed out that the current market cycle differs due to the increasing presence of spot ETFs, which now constitute more than a quarter of total spot trading volumes. Ju expressed confidence, stating, “New money this time is more mature than ever, and I believe there’s still much more mature money to come,” in a social media post on X.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
