Dormant Bitcoin addresses are becoming active even as the cryptocurrency market experiences a downturn during what is historically a positive month for Bitcoin.

After 12 years of inactivity, a Bitcoin (BTC) address transferred 119 tokens worth $6.9 million at current prices. On-chain data reveals that the last transaction from this address was in February 2012, when the wallet’s value was around $600, and the address moved 2.98 BTC worth $15.

The recent transactions were split into two: the first moved 76 BTC, and the second 43 BTC.

A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!

Whales are large holders of an asset, typically holding tens of millions to billions in cryptocurrency. These entities can significantly impact market prices or sentiment as observers speculate on their sudden activity. The reason behind today’s transactions remains unclear, but both BTC transfers were directed to a single new wallet, suggesting consolidation of holdings.

Dormant Bitcoin addresses have been active multiple times this year. On May 6, a Bitcoin whale moved $43 million worth of cryptocurrency to another wallet for the first time in 10 years. Two months ago, another whale transferred 1,000 BTC valued at around $60 million.

In related news, amid a BTC market decline and awakened wallets, one whale is also liquidating holdings at a loss. A data provider noted that this whale deposited 3,500 BTC or $206 million on Binance within five hours. Whales typically move tokens to centralized exchanges to sell in the open market. This particular whale sold its Bitcoin at a $20 million loss and has been depositing on exchanges for several weeks.

Meanwhile, Bitcoin shed over 5% of its market value, falling below $57,500 for the first time since April. This downturn coincided with a shift in the crypto “fear & greed” index from greed last month to fear currently.

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