According to U.Today, another ancient Bitcoin (BTC) address has been reactivated after nearly 11 years of dormancy. The address, which contains $1.45 million worth of BTC, is the seventh dormant Bitcoin address to emerge from hibernation this month, as reported by Whale Alert.
On August 16, another significant Bitcoin address, holding a million dollars, was reactivated after 10.3 years. The largest transaction this month occurred on August 7, when a whale address containing $14 million was reactivated after more than 11 years of inactivity.
Bitcoin is not the only cryptocurrency network experiencing such activities. In early August, an ancient Ethereum address containing $1.25 million was also activated after nine years of inactivity. Wallets that remain inactive for long periods are often presumed lost, but this may not always be the case. Many holders prefer to keep their coins for extended periods, anticipating future price appreciation. Some of these long-term holders, often referred to as having 'diamond hands,' might be the owners of these recently reactivated wallets. Alternatively, it is possible that some individuals have rediscovered their misplaced keys and decided to cash out their holdings.
Notably, there is no direct correlation between Bitcoin's price action and the activation of dormant wallets. The cryptocurrency is currently trading at $58,644, having dipped 1.7% over the past 24 hours, according to CoinGecko data.