A dormant Bitcoin address holding around 2,100 BTC, or around $56.3 million at current rates, suddenly became active after almost six years.
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- Sleeping whales
- The current state of the market
A dormant Bitcoin address suddenly came back to life. PeckShield, a blockchain security company, announced in a tweet that an inactive address containing approximately 2,100 BTC, or approximately $56.3 million at current prices, had been reactivated.
The address originally received this amount of Bitcoin on October 19, 2017, when it was worth approximately $11.8 million. This significant transfer adds a layer of mystery and anticipation to an already volatile market.
Sleeping whales
This awakening joins a list of similar events that have occurred recently, including the reactivation of a Satoshi-era Bitcoin address after nearly 13 years. There are various reasons why a dormant Bitcoin address may reappear after years of inactivity. This could be because the owner is taking advantage of the current valuation of the currency.
The initial deposit was worth around $11.8 million, but its value has ballooned to around $56.3 million, meaning a significant return on investment. It is also possible that the owner is preparing for an event, such as a sale or a large investment.
On the darker side, these transactions sometimes occur when an entity wants to “clean” funds through mixers or other privacy-focused platforms.
The current state of the market
At press time, Bitcoin price was around $26,867, showing minor fluctuations with a 0.8% increase over the past 24 hours and a 4.2% gain over the week last. Ethereum, BNB and XRP are behind, rounding out the top five cryptocurrencies. Overall, the market has posted modest gains over the past week, a backdrop that may or may not be related to the reactivation of dormant addresses like this.
