A slew of dormant addresses that indulged in Bitcoin transactions in its early years is now gradually coming back as they have resumed activity. Lookonchain cited tweets from Whale Alert and has reported that three whales totaling 8,199 BTC worth $225 million have resumed activity during the past five days.
First, after being inactive for 9.3 years, an address having 6071 BTC worth $178.12 million was activated. The BTCs were only worth $3.3 million in 2013. A little while afterward, another address with 1128 BTC worth $31.5 million was reactivated after being inactive for 10.5 years. A after 12-year gap, an address containing 1000 BTC in it, valued at about $27.4 million was also resumed.
However, these activities have sparked concerns among Bitcoin enthusiasts. Ryan Neuner took to his Twitter handle and said, “These old BTC addresses becoming active could be really scary. I hope it’s not a wallet generator that’s been cracked. That could be catastrophic.”
Although it appears that many wallets are becoming active right now, the proportion of supply that has not changed in more than five years is still rising. As reported by Watcher Guru, it reached a new all-time high of 28.626% on Tuesday, April 25, indicating that a good portion of the circulating supply has not changed in at least five years.
Another user tweeted, “I did a bunch of blockchain analysis back in 2015. Most of my focus was on these old bitcoin addresses. What I found then is that, over time, the number of old bitcoin addresses coming to life was decreasing. Nevertheless, it was not unheard of for an old address to occasionally come to life.”
Source: https://coinpedia.org/bitcoin/bitcoin-live-news-awakening-of-long-dormant-btc-whales-what-next-for-btc-price/