2024

Bitcoin ETF

Bitcoin

A long-dormant Bitcoin address stirred the cryptocurrency community as it suddenly became active after lying dormant for over 11 years. 
According to Whale Alert, a crypto analytics platform, the address, which previously held 20 BTC, equivalent to approximately $1.13 million at current market prices, <a href="https://whale-alert.io/transaction/bitcoin/cab26008e0c28fd960a0ed077e1143bb2e545e047eaf47a9c08979c3b7be89e9" target="_blank" rel="noreferrer noopener nofollow">transferred</a> its holdings to an unknown wallet address. 
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 💤 A dormant address containing 20 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BTC</a> (1,141,017 USD) has just been activated after 11.1 years!<a href="https://t.co/FfHXd1rpmk" target="_blank">https://t.co/FfHXd1rpmk</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1809296484078174655?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
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The recent resurgence of long-dormant wallets aligns with Bitcoin’s decline from its peak of over $73,000 in mid-March, stabilizing around $65,000 before subsequent drops, influenced by SEC-approved spot Bitcoin ETF outflows. 
As of the latest data, Bitcoin is trading at $56,693.72, marking a 25% decrease from its peak earlier this year. Experts speculate further declines, noting Bitcoin’s dip below its 200-day Simple Moving Average (SMA) as a concerning indicator. 
Adding to market unease, Whale Alert also reported the reactivation of another dormant Bitcoin address holding 43 BTC, dormant for over a decade. This follows similar patterns observed with wallets like “16vRqA” and “1DUJuH,” each holding 500 BTC, which recently became active. 
These sudden movements from dormant wallets, akin to actions by entities like the German and U.S. governments and Mt. Gox, contribute to increased selling pressure in the market.&nbsp; 
The overall impact on Bitcoin’s future remains uncertain as market participants closely monitor these developments. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/06/two-whales-deposit-9500-btc-to-binance-since-june-27/" target="_blank" rel="noreferrer noopener">Two Whales Deposit 9,500 BTC to Binance Since June 27</a> 
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Dormant Bitcoin Address with $1.13M Awakens After 11 Years

The Crypto Times

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