According to U.Today, a Bitcoin address that has been dormant for 12.4 years has been activated, as reported by Whale Alert. The address, which contained 119 BTC, is now worth $6.99 million, marking a significant gain of 1,166,666% from its 2012 value of $599. The reactivation of such long-dormant addresses often suggests that holders may be preparing to liquidate their assets, which could potentially flood the market with substantial amounts of Bitcoin. This could increase selling pressure and drive prices down, leading to a cautious market reaction as traders prepare for potential sell-offs.
This month has seen a notable trend of decades-old wallets being reactivated. This is not the first such instance, with another dormant address containing approximately $2.6 million worth of BTC being activated just hours earlier. On July 2, another address containing $2.1 million worth of BTC was activated after 13 years of dormancy. These movements are particularly significant given the current state of the crypto market, with Bitcoin's price continuing to trade in the red. The leading cryptocurrency hit $57,300 today, a level not seen since late April.
The market downturn, combined with the reactivation of these old addresses, has created a climate of uncertainty and caution among traders. This could potentially lead to increased selling pressure and a further drop in Bitcoin prices.