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Satoshi-era Bitcoin address activated as BTC price plummets
Alex Dobnya
According to Whale Alert, a Bitcoin address that has been dormant for a decade has been activated
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According to recent data provided by Whale Alert, a dormant Bitcoin address containing approximately $2.6 million in Bitcoin has been activated after more than a decade.
This is the second 10-year-old Bitcoin address to come back to life this month. On July 2, Whale Alert detected the first activation of a Bitcoin address containing $2.1 million in BTC in 13 years.
Last month, a Bitcoin miner’s wallet woke up after 14 years of hibernation to send $3 million worth of BTC to the Binance exchange. These coins they were a block reward dating back to July 2010, when the original cryptocurrency could still be mined with a standard personal computer.
Diamond hands or not quite diamond hands?
The latest activation of an ancient whale address coincided with Bitcoin’s plunge below the $60,000 level. According to CoinGecko data, the leading cryptocurrency recently hit an intraday low of $58,128.
According to analytics platform Lookonchain, a whale recently deposited a whopping $106 million in Bitcoin on the loss-making Binance exchange. This comes after the whale suffered a $20 million loss last month.
While some are expecting a wave of panic selling after Bitcoin failed to hold the $60,000 support level, CryptoQuant CEO Ki Young Ju believes this cycle is different because spot ETFs now account for more than a quarter of total spot trading volumes. “This time the new money is more mature than ever and I believe there is much more mature money to come,” he said in a post on his social media profile X.
Meanwhile, market sentiment is absorbed return to “fear” after the latest drop in the price of Bitcoin.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.