According to a recent update from the Whale Alert service, a dormant address containing 24 Bitcoins ($1.4 million) has been activated for the first time in more than 11 years. 

This is already the second ancient address that has sprung back to life within the last 24 hours. 

Two hours ago, Whale Alert spotted an address containing $8.6 million worth of Bitcoin that was activated after more than 10 years of dormancy. 

Similar addresses also woke up on July 8 and July 6 with $2.7 million and $8.1 million worth of Bitcoin, respectively. 

Overall, Whale Alert has already recorded 10 re-activated Satoshi-era Bitcoin addresses in July so far, which is an unusually high number. 

It is not immediately clear why so many old addresses are coming out of dormancy as of recently. In late June, a Bitcoin address 

The latest re-activation of an ancient Bitcoin address coincided with the price of the largest cryptocurrency reclaiming the $58,000 level in a hopeful sign for bulls. 

According to Julio Moreno, head of research at CryptoQuant, new Bitcoin whales are currently in the process of realizing losses. At the same time, market analyst Cole Garner has noted that the largest Bitcoin whales are currently in "heavy accumulation." According to Garner, the current behavior of major whales resembles the previous two cycle bottoms. 

The largest cryptocurrency recently suffered from strong headwinds, including Mt. Gox repayments. However, it is now bouncing back after US-based spot ETFs recorded $438 million worth of inflows in just two days. This undermines the popular bearish narrative about ETF buyers potentially liquidating their holdings en masse in case of a severe downturn.