Ancient Dormant Bitcoin Wallets Spring to Life in Unexpected Surge

The dormant wallets, some inactive for over a decade, are believed to belong to early adopters or miners who accumulated Bitcoin during its infancy. The sudden activation of these wallets has sparked speculation about whether the owners are cashing out, reengaging with the market, or planning for a strategic move amid current market conditions.

In the last 24 hours, on-chain data reports the activation of two wallets that have remained untouched for over a decade.

💤 💤 💤 💤 A dormant address containing 404 #BTC (39,330,452 USD) has just been activated after 10.9 years!https://t.co/iJ1j1CwmCj

— Whale Alert (@whale_alert) November 30, 2024

Blockchain data reveals similar patterns from other wallets, with a noticeable increase in activity in recent months.

Bitcoin's meteoric surge may have prompted these wallet holders to move their assets. With Bitcoin prices reaching new highs, it makes sense for long-term holders to reassess their positions and potentially take profits.

Bitcoin price poised for its best month in 2024

Bitcoin is on pace to post a 38% gain for November, according to TradingView data, making it the strongest month since February, when it climbed 45% following the launch of spot Bitcoin ETFs.

Bitcoin was last up 1.06% intraday at $96,284, having reached a high of $97,509. BTC reached a high of $98,750 during yesterday's session. Bulls predict that Bitcoin's price might hit $100,000 by the end of 2024 and could double by the end of 2025.