Whale Alert Reports Activation of Dormant Bitcoin Address Containing 119 BTC, Worth $6.99 Million, After 12.4 Years

Such resurgences can have bearish implications for the market. When long-dormant addresses are reactivated, it often indicates that holders are preparing to liquidate their assets

A massive development has been detected by Whale Alert, revealing the activation of a dormant Bitcoin address that had been untouched for an astonishing 12.4 years. This address now holds 119 BTC, an asset that was initially worth a mere $599 in 2012.

Over the years, the value of this Bitcoin stash has multiplied exponentially, reaching an incredible $6.99 million at the current market rate. This astronomical gain of over 1,166,666% is a testament to the enduring strength of Bitcoin.

However, such large-scale movements can often carry bearish implications for the market. When addresses that have remained dormant for extended periods are suddenly reactivated, it frequently suggests that the holders are preparing to sell their assets.

This mass sell-off of Bitcoin could potentially flood the market with a substantial volume of the cryptocurrency, ultimately leading to a scenario where the excess supply exerts downward pressure on the price.

In response to such events, the market tends to proceed with caution, anticipating the possibility of significant sell-offs. Notably, this trend of decades-old wallets being 'awakened' has been particularly evident throughout this month.

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