In recent events, several long-dormant Bitcoin wallets have come back to life. These wallets, untouched for years, suddenly showed activity, raising questions about the motives and timing behind these transactions.
The dormant wallets, some inactive for over a decade, are believed to belong to early adopters or miners who accumulated Bitcoin during its infancy. The sudden activation of these wallets has sparked speculation about whether the owners are cashing out, reengaging with the market, or planning for a strategic move amid current market conditions.
In the last 24 hours, on-chain data reports the activation of two wallets that have remained untouched for over a decade.
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💤 💤 💤 💤 A dormant address containing 404 #BTC (39,330,452 USD) has just been activated after 10.9 years!https://t.co/iJ1j1CwmCj
— Whale Alert (@whale_alert) November 30, 2024
Whale Alert reported, "a dormant address containing 429 BTC worth $41,707,628 has just been activated after 10.9 years," while another "dormant address containing 404 BTC worth $39,330,452 has just been activated after 10.9 years."
Blockchain data reveals similar patterns from other wallets, with a noticeable increase in activity in recent months.
On Nov. 29, Whale Alert reported, "A dormant address containing 16 BTC worth $1,558,440 has just been activated after 11.0 years worth $18,369 in 2013."
Bitcoin's meteoric surge may have prompted these wallet holders to move their assets. With Bitcoin prices reaching new highs, it makes sense for long-term holders to reassess their positions and potentially take profits.
Bitcoin price poised for its best month in 2024
Bitcoin's price is on course for one of its best months of the year, following the impressive surge that sent the flagship cryptocurrency to fresh highs throughout November.
Bitcoin is on pace to post a 38% gain for November, according to TradingView data, making it the strongest month since February, when it climbed 45% following the launch of spot Bitcoin ETFs.
Bitcoin was last up 1.06% intraday at $96,284, having reached a high of $97,509. BTC reached a high of $98,750 during yesterday's session. Bulls predict that Bitcoin's price might hit $100,000 by the end of 2024 and could double by the end of 2025.
