Bitcoin Whale Address Containing $11 Million Activates After 9-Year Dormancy

Another bitcoin wallet containing millions of dollars worth of BTC has come out of dormancy. As time goes on, more and more of these wallets are being reactivated by their owners who have, for one reason or another, not transacted using these wallets for years despite having what is considered life-changing money in them. This one has not had any activity on it in over nine years and has now activated after a long stretch of dormancy.

Whale Wallet Activates

Whale Alert, a service that posts activity from wallets with large holdings, reported on Sunday that a dormant bitcoin wallet had reactivated. This wallet contained a total of 235 BTC, amounting to $11,114,901. The wallet had not seen any activity for 9.1 years and was reactivated in 2021. The wallet had moved a total of 100 BTC in a $4.7 million transaction.

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The wallet which had sat for almost a decade without any activity had promptly gone on to carry out multiple transactions. In the next couple of hours, the wallet holder performed a couple of transactions that emptied out the balance of the wallet into another wallet and the balance now sits at zero.

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How Do Bitcoin Wallets Go Dormant?

There are a number of reasons why a bitcoin wallet would go dormant. One of those is in the event of the wallet holder losing the keys to the wallet. This can happen when a holder forgets that they have bitcoin or may be stored the keys somewhere they can no longer access it. It could take a while for a wallet holder to recover their keys and access said wallet.

Related Reading | Millennial Millionaires Are The Most Bullish On Crypto, Survey Finds

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About 20% of all bitcoins are estimated to have already been lost due to users who have lost their keys or have died. There is also the speculation of people who have gone to jail may have had to wait till they got out to access their coins.

Finally, there are the super holders who have held out for years. These diamond hands got in early and have held their bitcoin through all of the ups and downs of the market. Now, they are reaping the rewards of their patience as they finally move their BTC after all these years.

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Number of Bitcoin Whales With More Than 1000 BTC Hits New ATH

Recently crypto analysts on social media announced the number of Bitcoin addresses holding more than 1000 Bitcoins recorded a new all-time high. 

Theories Behind the Increase in Bitcoin Addresses

According to the chart provided by Glassnode, the number of BTC addresses with more than $32.2 billion has surpassed the 2400 mark.

It shows a steady increase in the wallet numbers from Mid last year to date. The year 2020 alone has added 164 addresses to the tally, whose total cumulative is approximately $6 billion. The milestone comes just weeks after Chainalysis revealed a previous all-time high late last year tallied at 2,274.

There have been several narratives trying to break down how the rising tally is happening. BTC analysts’ most given reason is an increase in institutional investors, who supplement the so-called ‘rich list.’ Recent times have seen several companies investing millions of dollars in Bitcoin following the coin’s bullish run.

Bitcoin’s price in January 2021 reached an ATH itself with a value of $40k. Recent weeks have seen its value drop to $32k. However, it doesn’t seem to have affected the increase in the addresses with more than 1000 BTC.

Companies such as MicroStrategy have taken the Bitcoin investment route, with the company holding over 70k BTC. The CEO of the company, Michael Saylor, has publicly admitted to being a holder of more than 17k of the crypto. It places him among the top 100 Bitcoin holders globally. The CEO also said that he was buying $1,000 in BTC per second at a point in time last year. 

Several opinions have been raised on whether the majority holders of these addresses are individuals or institutions. Nevertheless, the assumption stands that only institutions have the highest capabilities to buy such a large number of BTC in a short period.

What Bitcoin Investors are Visualizing

Whether it’s a small scale or large scale, the number of BTC addresses has been accelerating. According to crypto analysts, investors looking to save themselves from the many problems facing fiat currencies resort to Bitcoin. 

Last year, BTC analyst Jason Deane stated that the upward trend would continue, and without a doubt, it has. He said, “This trend increases over time, as more and more high net worth individuals look for safe havens against fiat currencies across the globe.” 

Nonetheless, Galaxy Digital CEO Mike Novogratz said it is much safer to hold gold than Bitcoin because its price is volatile compared to the precious metal.

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