Bitcoin suffered major dips last week but recovered over the weekend, revitalizing the sullen cryptocurrency industry and reawakening a whale account that lay "dormant" for over 10 years.
The world's first decentralized cryptocurrency surged to $63,000 Saturday and passed $64,000 Sunday following a week of significant dips – at one point plunging to $58,000. The development brought back the excitement in the crypto sector, which had started to lose hope that the digital coin would follow the pricing patterns of previous halving cycles.
Buried among the excited posts of Bitcoin holders and crypto enthusiasts over the digital asset's rebound was an update from Whale Alert, which tracks the transactions of some of the world's largest holders of cryptocurrencies.
💤 💤 💤 💤 💤 A dormant address containing 687 #BTC (43,893,168 USD) has just been activated after 10.3 years!https://t.co/l31uAyadYZ
— Whale Alert (@whale_alert) May 6, 2024
"A dormant address containing 687 BTC" worth around $43.8 million based on current prices "has just been activated after 10.3 years," Whale Alert wrote on X (formerly Twitter) on Sunday night.
The transactions and activities of crypto whales, institutions, or individuals with massive digital asset holdings, are often followed by the industry as their on-chain movements can have an impact on crypto prices.
Digital asset users on the social media platform huddled in the comments section of the post to share their theories about the development.
"Talk about a blast from the past!" one user said, adding that the wallet's activation is "like finding buried treasure in the crypto world!" Another user noted that the wallet's owner has a "big diamond hand," a term in the crypto space that refers to an investor's resolve to retain assets even with extreme market volatility.
Whoa, talk about a blast from the past! Imagine leaving that kind of treasure untouched for over a decade and then deciding, "Hey, maybe its time to wake up." Wonder what story lies behind those 687 #BTC making a comeback after all these years. Its like finding buried treasure in…
— Crypto Signals (@CryptoSignalsU) May 6, 2024
Oh so lucky.
— Toni$ (@SCryptony) May 6, 2024
And big diamond hand
One user said the wallet's activation after over a decade of dormancy was "suspicious," while some suggested that the wallet owner may have just been released from prison. Another said the owner may have "made parole."
Even with divided views on why the wallet owner chose to re-activate the account after over 10 years, engagement on Whale Alert's post highlights the massive interest of other crypto users in the activity of the world's largest digital asset holders.
Last month, when Bitcoin plummeted to $60,000, a whale account moved nearly $500 million of BTC, earning a host of comments from other Bitcoin owners who were disappointed with the move, considering how the digital currency was only two days from its halving event at the time.
On the other hand, the Bitcoin community celebrated when two whales "bought the dip" ahead of the halving to the tune of a collective $740 million in BTC.
