According to Whale Alert reports, a Bitcoin address that has been dormant for over 12 years suddenly became active. The address, containing 119 BTC worth nearly $7 million, was worth only $599 back in 2012, representing an incredible profit of over 1,166,666%.
This recent awakening signals a potential market sell-off as it is speculated that the holder may be planning to liquidate their Bitcoin holdings, increasing selling pressure and potentially leading to price declines.
Interestingly, this is not an isolated case. This month has seen a trend of old BTC wallets becoming active again.
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For example, just a few hours before this latest activation, Whale Alert reported another dormant address that came to life with BTC worth around $2.6 million. Furthermore, on July 2nd, after 13 years of inactivity, an address containing $2.1 million in Bitcoin was activated.
These movements are particularly notable against the backdrop of Bitcoin’s recent price struggle. The cryptocurrency recently dropped to $57,300—a level not seen since the end of April.
