After 13 years of inactivity, a Bitcoin address containing 48 BTC worth $2.74 million has been reactivated. The leading crypto tracking service, Whale Alert, brought attention to this development in a recent post. On-chain data from Arkham Intelligence reveals that the owner of the wallet transferred 2.949 BTC to two different addresses today. The first address received 1.949 BTC ($111,450), while the second received 1 BTC. Currently, the wallet holds 45.051 BTC, valued at $2.57 million.
This is not the first instance of a dormant Bitcoin wallet being reactivated recently. Whale Alert has documented several similar occurrences this month alone. On July 2, an anonymous user activated a dormant Bitcoin wallet that had been untouched for 13 years, containing $2.1 million worth of BTC. The following day, another dormant address, which had been inactive for over 10 years, was reawakened. This address held 43 BTC worth $2.6 million at the time. On July 4, a dormant Bitcoin address containing 119 BTC woke up after 12.4 years of hibernation.
The reactivation of these dormant wallets has prompted reactions from crypto enthusiasts. Some have raised concerns about potential scams, given the frequency of such cases within a short period. One user even referred to the latest activation as a “cracked wallet.” It is worth noting that most of these dormant wallets were created during the active period of Bitcoin’s pseudonymous founder, Satoshi Nakamoto, when BTC could be acquired at much lower rates compared to its current value. Additionally, some of these funds may belong to miners who accumulated large amounts of BTC when mining rewards were higher. The identity of the wallet’s owner remains unknown.
Fortune’s data reveals that over 1.75 million Bitcoin addresses have been inactive for more than 10 years, with 1.73 million of them holding less than 50 BTC. There are 12,070 wallets holding 50 to 51 BTC, 2,616 dormant wallets containing between 51 and 1,000 BTC, and 192 dormant wallets holding between 1,000 and 10,000 BTC.
As of now, Bitcoin has experienced a daily increase of 0.67% and is valued at $57,194. However, it has seen an 8.84% decrease in the weekly chart and a 17.62% decrease in the monthly chart, according to CoinMarketCap data.
Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.