The latest on-chain data is showing that long-dormant Bitcoin (BTC) wallets are awakening after over a decade of inactivity.
The whale-surveying platform Whale Alert says on the social media platform X that an ancient crypto wallet containing 25 BTC worth $1.43 million at time of writing has been activated after 10.6 years of slumber.
According to Whale Alert, the BTC stack was worth $20,399 when the entity accumulated it in 2013, translating to gains of over 6,900% after a decade of holding.
In another transaction, Whale Alert saw an older wallet containing 24 BTC worth $1.44 million being activated after 11.3 years of dormancy.
Meanwhile, another whale abruptly moved 149 BTC worth $8.6 million following a period of 10.6 years.
Combined, the investors shifted around about $11 million worth of the crypto king, according to Whale Alert’s data.
Last month, crypto strategist Ali Martinez found that deep-pocketed BTC investors unloaded 50,000 BTC worth $3.3 billion at the time over a period of just 10 days.
According to Martinez, Bitcoin miners also started selling their stashes around the same time to rake in profits, battering the flagship digital asset with sell pressure. The analyst said that the sell-off contributed to BTC’s correction at the time.
“Bitcoin miners have played a role in the recent BTC price correction, selling over 1,200 BTC, worth more than $79.20 million!”
The top crypto asset by market cap is trading for $57,933 at time of writing, a 1.06% increase during the last 24 hours.
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