The latest on-chain data shows that long-inactive Bitcoin (BTC) wallets are waking up after more than a decade of inactivity.
Whale research platform Whale Alert says on social media platform containing 25 BTC worth $1.43 million at the time of writing has been activated after 10.6 years of dormancy.
According to Whale Alert, the BTC pile was worth $20,399 when the entity collected it in 2013, translating into a gain of over 6,900% after ten years of ownership.
In another transaction, Whale Alert saw an older wallet containing 24 BTC worth $1.44 million that activates after 11.3 years of dormancy.
Meanwhile, suddenly another whale moved 149 BTC worth $8.6 million after 10.6 years.
Combined, the investors shifted about $11 million into crypto kingpin, according to Whale Alert data.
Last month, crypto strategist Ali Martinez discovered that deep-pocketed BTC investors had unloaded 50,000 BTC worth $3.3 billion at the time in just 10 days.
According to Martinez, Bitcoin miners also started selling off their inventory around the same time to make a profit, hitting the flagship digital asset with selling pressure. The analyst said the sell-off contributed to BTC’s correction at the time.
“Bitcoin miners played a role in the recent BTC price correction, selling over 1,200 BTC worth over $79.20 million!”
The top crypto asset by market cap is trading at $57,933 at the time of writing, up 1.06% over the past 24 hours.
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Generated image: Midjourney