On-chain analysts have discovered a Bitcoin address that had been dormant for over 12 years and was activated on July 4, 2024. It transferred 119 BTC, which were valued at $600 in 2012, to another crypto wallet.
💤 A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0
— Whale Alert (@whale_alert) July 4, 2024
According to the available information, the owner of the address is consolidating the asset on a new account. The first cryptocurrency was transferred to another wallet via two transactions. First, 76 BTC were sent to it, and a few hours later, the remaining 43 BTC on the balance were transferred to this address.
At the time of writing, the said asset volume is valued at $6.9 million. Over the past 12 years, the value of Bitcoin, which was on the original crypto wallet, has increased 11,500 times.
Analysts note that the reason for the transfer of funds remains unknown, as does the identity of the owner of the assets.
In early July 2024, experts pointed to a similar case where a Bitcoin address that had been dormant for 13 years became active again. Then, the user who received the first cryptocurrency in the amount of 33 BTC in 2011 also transferred funds to a new address.
Earlier, CryptoQuant CEO Ki Young Ju estimated that large Bitcoin holders sold assets worth a total of $1.2 billion in the first two weeks of last month.
According to him, this created noticeable pressure on the market from sellers.
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Source: Cryptocurrency
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