An ancient Bitcoin (BTC) address has come back to life after almost 11 years of inaction, which is another surprising event in the world of cryptocurrencies.
Whale Alert, a site that keeps track of large cryptocurrency deals, says that the address in question has an remarkable $1.45 million worth of Bitcoin.
The seventh time this address has been active this month has sparked crypto community speculation and interest.
Bitcoin Whale Activity Increases
A lot of people are interested in the trend of BTC addresses that have been silent for a long time coming back to life. Each reactivation raises more questions about the reasons behind these sudden changes. Another Bitcoin wallet, holding over a million dollars, reactivated on August 16, this month, following an inactive period of 10.3 years.
On August 7, a whale address carrying an remarkable $14 million in Bitcoin came back online after being dormant for more than 11 years. This was the most important transaction of the month. It’s intriguing that this isn’t just happening with Bitcoin.
Early in August, an old Ethereum address with $1.25 million worth of Ether (ETH) was also turned on again after being inactive for nine years. Experts have proposed several theories to explain the sudden rise in popularity of these old wallets.
One theory is that some long-term holders, sometimes referred to as “HODLers,” are now selling their assets after years of holding onto them in the belief that prices will rise in the future. People with these “diamond hands” are known for not wanting to sell, even when the market is going through major changes.
Another option, however, is that people who lost their wallet keys may have just recently found them again, which made them remember their fortunes.
Even though these changes are interesting, there doesn’t seem to be a direct correlation between Bitcoin’s price changes and wallet usage. BTC is now worth $58,644, which is 1.7% less than it was 24 hours ago, according to CoinGecko.
