Bitcoin
Satoshi Era Bitcoin Address Activated As BTC Price Drops
Alex Dovbnya
A Decade-Old Dormant Bitcoin Address Has Been Activated, According to Whale Alert
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According to recent data provided by Whale Alert, an inactive Bitcoin address containing approximately $2.6 million worth of Bitcoin was activated after more than a decade.
This is the second decade-old Bitcoin address to come back to life this month. On July 2, Whale Alert detected the first activation of a Bitcoin address holding $2.1 million in BTC in 13 years.
Last month, a Bitcoin mining wallet woke up after 14 years of hibernation to send $3 million worth of BTC to the Binance exchange. These coins they were a block reward that dates back to July 2010, when the original cryptocurrency could still be mined with a regular personal computer.
Diamond or not so diamond hands?
The latest activation of an old whale address coincided with Bitcoin’s dip below the $60,000 level. According to data from CoinGecko, the leading cryptocurrency recently hit an intraday low of $58,128.
According to analytics platform Lookonchain, a whale recently deposited a whopping $106 million worth of Bitcoin into the Binance exchange at a loss. This comes after the whale suffered a $20 million loss last month.
While some expect a wave of panic selling after Bitcoin fails to hold the $60,000 support level, Ki Young Ju, CEO of CryptoQuant, is convinced that this cycle is different due to the fact that spot ETFs now account for more than a quarter of the total spot trading volume. “The new money this time is more mature than ever, and I believe there is still a lot more mature money to come,” he stated in a post on his social media profile X.
Meanwhile, market sentiment has sank back to “fear” after the most recent Bitcoin price drop.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the burgeoning industry — from price analysis to blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.