U.Today - A dormant Bitcoin address . PeckShield, a blockchain security firm, announced in a tweet that an inactive address containing roughly 2,100 BTC, or around $56.3 million at today's prices, was reactivated.
Originally, the address received this amount of Bitcoin on Oct. 19, 2017, when it was worth approximately $11.8 million. The sizable transfer adds a layer of mystery and anticipation to an already volatile market.
Dormant whales
This awakening joins a list of that have occurred recently, including the reactivation of a Satoshi-era Bitcoin address after nearly 13 years. There are various reasons why a dormant address may re-emerge after years of inactivity. It could be due to the owner taking advantage of the currency's current valuation.The original deposit was worth around $11.8 million, but its value has ballooned to approximately $56.3 million, signifying a hefty return on investment. There's also the possibility that the owner might be preparing for an event, such as a major sale or investment.
On the darker side, these transactions sometimes occur when an entity wishes to "clean" funds through mixers or other privacy-focused platforms.