Bitcoin

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According to a recent&nbsp;<a href="https://x.com/whale_alert/status/1810746780327219660" rel="noopener noreferrer nofollow">update</a> from the Whale Alert service, a dormant address containing 24 Bitcoins ($1.4 million) has been activated for the first time in more than 11 years.&nbsp;
This is already the second ancient address that has sprung back to life within the last 24 hours.&nbsp;
Two hours ago, Whale Alert spotted an address containing $8.6 million worth of Bitcoin that was activated after more than 10 years of dormancy.&nbsp;
Similar addresses also woke up on July 8 and July 6 with $2.7 million and $8.1 million worth of Bitcoin, respectively.&nbsp;
Overall, Whale Alert has already recorded 10 re-activated Satoshi-era Bitcoin addresses in July so far, which is an unusually high number.&nbsp;
It is not immediately clear why so many old addresses are coming out of dormancy as of recently. In late June, a Bitcoin address&nbsp;
The latest re-activation of an ancient Bitcoin address coincided with the price of the largest cryptocurrency reclaiming the $58,000 level in a hopeful sign for bulls.&nbsp;
According to Julio Moreno, head of research at CryptoQuant, new Bitcoin whales are currently in the process of realizing losses. At the same time, market analyst Cole Garner has&nbsp;<a href="https://x.com/ColeGarnersTake/status/1810705559299260676" rel="noopener noreferrer nofollow">noted</a> that the largest Bitcoin whales are currently in "heavy accumulation." According to Garner, the current behavior of major whales resembles the previous two cycle bottoms.&nbsp;
The largest cryptocurrency recently suffered from strong headwinds, including Mt. Gox repayments. However, it is now bouncing back after US-based spot ETFs recorded $438 million worth of inflows in just two days. This&nbsp;<a href="https://x.com/whale_alert/status/1810746780327219660" rel="noopener noreferrer nofollow">undermines</a> the popular bearish narrative about ETF buyers potentially liquidating their holdings en masse in case of a severe downturn.&nbsp;

Satoshi-Era Wallets Keep Returning from Dormancy, and It's Highly Unusual

U_Today

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