Whale Alert, an established account on X that keeps an eye on significant blockchain transactions, has found that a Bitcoin address that had been inactive for over 11 years has been activated again. This address came to life after more than a decade, when the price of BTC fell sharply. It now holds $1.14 million in Bitcoin.
CoinGecko data shows that Bitcoin fell as low as $53,898 during the day before gaining some of those loses back. The price of Bitcoin fell to its lowest point in five months on Friday.
This was caused by the Mt. Gox exchange giving crypto to creditors and the US and German governments selling BTC. It is still not clear if the revival of the address has anything to do with the sharp drop in price.
Significant Bitcoin Transactions Spotted
Lookonchain, a cryptocurrency analytics tool, recently said that “whales” have been selling a lot of BTC . Along with two “whales,” $563 million worth of BTC has been sent to the Binance market since June 27.
This month, a number of Bitcoin addresses that had been inactive for a long time have been turned back on. On July 4, after 12.4 years, a BTC address with 199 BTC was turned on. It had been three years since an address with 43 BTC had been used, but on July 3, it was again.
As of July 2, an address with 33 BTC was used again for the first time since 2011. Last month, a rare BTC miner wallet from 2010 also came back to life, which got people interested in cryptocurrencies.
