Dormant Bitcoin Address Awakens After 13 Years of Inactivity Holding $274 Million in Bitcoin

A Bitcoin address holding 48 Bitcoins (worth $2.74 million) has been activated after lying dormant for 13 years.
Leading cryptocurrency tracking service Whale Alert drew attention in a post today.
Arkham Intelligence’s blockchain data shows that the whale behind this address transferred 2,949 Bitcoins to two different addresses today.
The first address received 1,949 BTC ($111,450), while the second received 1 BTC. As of now, the address holds 45,051 bitcoins worth $2.57 million.
More dormant addresses reactivated
The activation marks the latest instance of a Bitcoin wallet lying dormant after years of inactivity. This month alone, Whale Alert has indexed several such wallets. On July 2, an anonymous user activated a Bitcoin wallet that had been dormant for 13 years, containing $2.1 million worth of Bitcoin.
Another dormant address was reactivated the next day. The address contained 43 bitcoins worth $2.6 million at the time.
On July 4, a Bitcoin address holding 119 Bitcoins that had been dormant for 12.4 years was activated.
Investor reaction
As expected, the reactivation of multiple dormant Bitcoin wallets this month has sparked reactions from cryptocurrency enthusiasts. Some users questioned whether these cases, reported in a short period of time, were carried out by scammers.
Additionally, one X user saw the latest activation as yet another cracked wallet.
It’s worth noting that most of these dormant wallets were created when Bitcoin’s anonymous founder, Satoshi Nakamoto, was still active. During this period, people could acquire Bitcoin at a much lower price than the current price.
Additionally, some of these funds may belong to miners who got lucky when mining rewards were still high. Currently, the identity of the wallet's owner remains unknown.
Over 1.75 Million Bitcoins Have Been Dormant for Over a Decade
Meanwhile, data from Fortune shows that more than 1.75 million addresses have had no activity for more than 10 years, with 1.73 million of them holding less than 50 Bitcoins.
In addition, there are 12,070 addresses holding between 50 and 51 bitcoins, 2,616 dormant addresses containing between 51 and 1,000 bitcoins, and the remaining 192 dormant addresses holding between 1,000 and 10,000 bitcoins.
As of now, the price of Bitcoin has increased by 0.67% on a daily basis to $57,194. According to data from CoinMarketCap, the project has lost 8.84% and 17.62% in the weekly and monthly charts, respectively.
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