A dormant Bitcoin address has reactivated after 12 years, transferring 119 BTC worth $6.9 million amid a declining crypto market. The address last moved BTC in February 2012, when 2.98 BTC was worth $15.
After a long period of inactivity, the Bitcoin address transferred its funds in two transactions: first moving 76 BTC and then 43 BTC. The current value of the transfer is around $6.9 million.
💤 A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0
Whales refer to large holders of Bitcoin who can significantly influence market prices. The intent behind these transactions remains unclear, but the BTC is now in a new address suggesting consolidation.
Dormant Bitcoin addresses have been increasingly active this year. On May 6, a whale moved $43 million worth of BTC after 10 years of inactivity, while another transferred 1,000 BTC valued at $60 million.
### Bitcoin Whale Dumps $206m at a Loss
Amid market declines and revived wallets, another whale is liquidating holdings at a loss. LookOnChain reported a whale deposited 3,500 BTC worth $206 million into Binance within five hours.
Whales typically move tokens to centralized exchanges to sell. This entity sold Bitcoin at a $20 million loss and has continued to deposit for weeks.
Bitcoin’s market value fell over 5%, dropping below $57,500 for the first time since April, according to CoinGecko. The crypto “fear & greed” index also flipped from greed last month to fear now.
Crypto fear & greed index | Source: alternative.me
