A Bitcoin Address Holding 48 BTC Worth $2.74 Million Has Been Activated After 13 Years of Dormancy

Leading crypto tracking service Whale Alert called attention to the development in a post today.

A Bitcoin address holding 48 BTC, valued at $2.74 million at the time of writing, has been activated after 13 years of dormancy.

Whale Alert, a leading crypto tracking service, highlighted the development in a post on July 8.

The on-chain data from Arkham Intelligence shows that the whale behind the wallet transferred 2.949 BTC to two different addresses on Monday.

The first address received 1.949 BTC ($111,450), and the second address received 1 BTC. At press time, the wallet held 45.051 BTC, valued at $2.57 million.

The activation marks the latest instance in a series of Bitcoin wallets being reactivated after years of dormancy. This month alone, Whale Alert has indexed several such wallets.

On July 2, an anonymous user activated a 13-year-old dormant Bitcoin wallet containing $2.1 million worth of BTC.

Another dormant address, which had been idle for over 10 years, was reactivated the following day. This address contained 43 BTC valued at $2.6 million at the time.

On July 4, a dormant Bitcoin address holding 119 BTC woke up after 12.4 years of hibernation.

The reactivation of multiple dormant Bitcoin wallets this month has naturally triggered reactions from crypto enthusiasts.

Some users questioned whether the activation was carried out by scammers.

Is someone hacking them? A lot of such cases in the last weeks

— Ivan Sherbakov (We’re hiring!) (@sherbakov_btc_) July 8, 2024

An X user characterized the latest activation as another cracked wallet.

Another cracked wallet

— ⭕️ (@0ldTech) July 8, 2024

It bears mentioning that the majority of these dormant wallets were created when Bitcoin’s pseudonymous founder, Satoshi Nakamoto, was still active. During this period, people could acquire BTC at significantly lower rates compared to its current value.

Also, some of these funds might belong to miners who were lucky to accumulate large amounts of BTC when mining rewards were still high. At the moment, the identity of the wallet’s owner remains unknown.

Over 1.75 Million BTC Dormant for Over a Decade

Data from Fortune, on the other hand, reveals that over 1.75 million addresses have been inactive for more than 10 years, with 1.73 million of these wallets holding less than 50 BTC.

Moreover, 12,070 wallets hold 50 to 51 BTC, 2,616 dormant wallets contain between 51 and 1,000 BTC, and the remaining 192 dormant wallets hold between 1,000 and 10,000 BTC.

At press time, Bitcoin has seen a daily increase of 0.67% to $57,194. According to CoinMarketCap data, the top asset is respectively down 8.84% and 17.62% in the weekly and monthly charts.