The post Dormant Bitcoin wallets stir after 11 years: What does this signal? appeared on BitcoinEthereumNews.com.

Six accounts containing 499 BTC recently became active. The BTC are now worth over $47 million. Between 28th November and 1st December, six dormant Bitcoin wallets holding hundreds of BTC sprang to life, ending an inactivity streak of nearly 11 years. Among these, the largest transaction came from a wallet holding 429 BTC, now worth over $41 million at Bitcoin’s current price of approximately $95,900. The sudden activity of these wallets has sparked curiosity about the motivations behind the movements and their implications for the market. Dormant Bitcoin wallets resurface after a decade The reactivation of six dormant Bitcoin wallets, each inactive since late 2013, marks a significant event. The largest account held 429 BTC, with a combined inactivity period of 10.9 years. When these wallets last moved funds, Bitcoin traded at approximately $700–$900. At press time, their holdings were worth more than $41 million, reflecting an eye-watering 4,500% increase in value. According to data from Whale Alert, the latest awakening on 1st December involved an account holding 11 BTC that had been inactive for 11.6 years. The awakening of such wallets often signals unique circumstances. These could include rediscovered keys, security concerns, or profit-taking during a bull market.  On-chain insights and whale activity On-chain analysis reveals that movements from long-dormant wallets are rare but impactful, often triggering speculation within the crypto community. According to Glassnode’s HODL Waves, the percentage of Bitcoin held in wallets inactive for more than 10 years remains high, emphasizing the conviction of long-term holders. However, movements from these wallets can stir fear, uncertainty, and doubt (FUD) as market participants wonder whether such moves precede a sell-off. Source: Glassnode Adding to the market intrigue, significant whale activity was recorded, per Lookonchain. In the past four hours, a giant whale deposited 1,000 BTC ($97.5 million) to Binance.…

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Filed under: News - @ December 2, 2024 1:21 pm