Dormant Bitcoin Wallet with $6.99 Million Reawakens After 12.4 Years

A Bitcoin address that has been inactive for over 12 years has suddenly become active, according to Whale Alert.

The address, which holds 119 BTC now valued at nearly $7 million, was worth just $599 back in 2012, marking an incredible gain of over 1,166,666%.

This recent reawakening signals a potential market sell-off, as it suggests the holder might be planning to liquidate their Bitcoin, which can increase selling pressure and potentially drive prices down.

Interestingly, this isn’t an isolated case. There has been a noticeable trend this month of old Bitcoin wallets becoming active again.

For instance, just a few hours before this latest reactivation, Whale Alert reported another dormant address coming back to life with around $2.6 million worth of BTC. Additionally, on July 2, an address containing $2.1 million in Bitcoin was activated after 13 years of inactivity.

These movements are particularly noteworthy against the backdrop of Bitcoin’s recent price struggles. The cryptocurrency recently dipped to $57,300, a level not seen since late April.