Whale Alert, a tool used to track cryptocurrency wallets, recently reported that a dormant Bitcoin address containing 687 BTC (equivalent to $43.9 million) has been activated after more than ten years. This activation coincided with Bitcoin’s price reaching $64,000. The leading cryptocurrency is currently trading at $64,380 according to CoinGecko.
However, the resurgence of this Bitcoin whale is unlikely to be connected to the price increase. Chainalysis data shows that there is no clear link between the price movement of Bitcoin and the activation of old wallets. Currently, around $115 billion worth of Bitcoin is sitting in dormant wallets that have not been touched for over a decade. Analysts predict that 1.5 million coins may never be accessed again.
The Bitcoin address in question dates back to the time of Bitcoin’s creator, Satoshi Nakamoto. In March 2014, Satoshi reappeared online to clarify that he was not Dorian S. Nakamoto, the individual mistakenly identified as the creator in a Newsweek article.
While it is highly unlikely that this recent transaction is related to Satoshi himself, old wallets associated with him can still impact the market. In May 2020, the price of Bitcoin dropped significantly when 50 Bitcoins mined in the cryptocurrency’s early days were transferred to an unknown wallet. However, analysts confirmed that these coins were not linked to Satoshi.