Recent on-chain data reveals that long-dormant Bitcoin wallets are coming back to life after years of inactivity. Whale Alert, a platform that tracks large cryptocurrency transactions, reported that a wallet holding 25 BTC, valued at $1.43 million, was activated after 10.6 years. The initial investment of $20,399 in 2013 has seen gains of over 6,900% after a decade.
In another instance, a wallet containing 24 BTC worth $1.44 million was activated after 11.3 years. Additionally, a whale moved 149 BTC, valued at $8.6 million, after 10.6 years of dormancy. In total, investors moved around $11 million worth of Bitcoin, according to Whale Alert.
Last month, it was reported that BTC investors sold 50,000 BTC, worth $3.3 billion, within 10 days. Bitcoin miners also started selling their holdings around the same time, contributing to sell pressure on the flagship cryptocurrency. This sell-off was noted to have caused a correction in BTC’s price.
Currently, Bitcoin is trading at $57,933, showing a 1.06% increase in the last 24 hours. It is important for investors to stay informed about such market movements to make informed decisions.