Dormant Bitcoin Wallet With 749 BTC Reactivated After 12 Years
A Bitcoin wallet containing approximately 749 BTC, valued at about $53.2 million, was reactivated after nearly 12 years of inactivity. This transaction occurred early Tuesday, with blockchain tracking platforms like Mempool and Whale Alert reporting a transfer of approximately 159.2 BTC worth $11.3 million from this long-dormant wallet.
The last known transaction from this address occurred in November 2012 when Bitcoin’s price was around $10, making the wallet's balance worth less than $9,000.
A dormant address containing 749 #BTC (53,227,433 USD) has just been activated after 12.0 years (worth 7,974 USD in 2012)!https://t.co/5SzBYeKlk1
— Whale Alert (@whale_alert) October 29, 2024
Details Of The Moved Millions
According to data from Mempool, the recent transaction took place at 7:28 a.m. UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to the sender's address as "change," while the remaining 35 BTC, valued at $2.4 million, went to an unknown address. The identity of the wallet's owner and their intentions remain unclear, prompting speculation within the crypto community.
This move coincided with a period of rising Bitcoin prices, with the asset recently breaking above the $70,000 resistance level, trading at $72,638, reflecting a 5.3% increase in the past day.
Historically, movements from long-inactive wallets have attracted attention, often attributed to early adopters or entities strategically engaging with the market. The reasons behind this wallet's activity remain uncertain, but it could indicate shifts in holders' strategies due to favorable market conditions.
Bitcoin Onchain Performance
Aside from the wallet's reactivation, Bitcoin is experiencing positive trends in on-chain metrics. Analysts are highlighting several indicators that suggest potential further price increases.
For example, CryptoQuant analyst Darkfost noted that Bitcoin hash ribbons have flashed a buy signal, historically associated with strong long-term returns. Additionally, another analyst, BinhDang, pointed out that the Stablecoin Supply Ratio Oscillator (SSRO) has reached levels not seen since 2022, which typically precedes a rally.
The SSRO analyzes Bitcoin’s market cap against major stablecoins, indicating purchasing interest. A low value suggests that more stablecoins are being converted to Bitcoin, signaling increasing demand for the cryptocurrency.
Featured image created with DALL-E, Chart from TradingView