Dormant Bitcoin Address Holding $56.3M Springs to Life After Nearly 6 Years


A Bitcoin address that had been inactive has reactivated. A blockchain security company called PeckShield tweeted that an inactive address containing over 2,100 BTC, or about $56.3 million at the current exchange rate, has been revived.

This Bitcoin was initially sent to the address on October 19, 2017, while its value was at $11.8 million. The substantial shift gives the already unpredictable market a sense of mystery and intrigue.

Dormant whales  

This awakening joins a litany of recent occurrences of a similar kind, including the almost 13-year reactivation of a Satoshi-era Bitcoin address. After years of inactivity, a dormant Bitcoin address may reappear for a number of different reasons. It can be because the owner profited from the currency’s current value.

The deposit’s value has increased from its initial $11.8 million value to almost $56.3 million, representing a sizable return on investment. The owner could also be getting ready for an occasion, like a significant purchase or sell.

On the sinister side, these transactions occasionally take place when a company wants to “clean” funds via mixers or other platforms that prioritise secrecy.

The current state of the market 

At the time of publication, the price of Bitcoin was about $26,867, with very modest swings, including a 0.8% rise over the previous day and a 4.2% gain over the previous week. The bottom three cryptocurrencies in the top five are Ethereum, BNB, and XRP. A background that may or may not be related to the reactivation of inactive addresses like this one is the market’s overall moderate increases over the past week.


Read Previous

Bitcoin Price: Legendary Trader John Bollinger Eyes ‘Upper Band’ Breakout

Read Next

Shiba Inu’s Explosive Growth: Shibarium Metric Surges 633% in Day

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon