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According to blockchain tracking service Whale Alert, a Bitcoin address holding 185 BTC, worth nearly $10,553,799, was suddenly activated after 11 years of dormancy.

Whale Alert reported: "A dormant address containing 185 BTC ($10,553,799) has just been activated after 11.0 years."

The wallet, which had remained untouched for over a decade, resurfaced, attracting interest from the crypto community. The reasons behind its long dormancy and sudden activation remain unknown, fueling speculation ranging from forgotten investments to strategic long-term holdings.

The owner of the wallet, whose identity remains unknown, from indications now holds a significant fortune.

With Bitcoin’s value skyrocketing over the past decade, what was once a relatively modest sum is now a multimillion-dollar fortune. The BTC stored in the wallet was likely purchased when Bitcoin traded for less than $100 per coin, compared to its current price hovering above $56,000

Bitcoin price action

Asian markets and U.S. stock futures fell in Wednesday's trading session, with Bitcoin down nearly 1% to trade at $56,700, reflecting a risk-off sentiment on the financial markets.

The rest of the crypto market was also trading in red, save for a few crypto assets such as Internet computer (ICP), which was up 11% in the last 24 hours. Dogecoin, PEPE, SUI and BONK recorded losses of nearly 4%.

The yen rose sharply in late July after the Bank of Japan raised interest rates for the first time in decades, sparking an unwinding of risk-on yen carry positions.

According to Glassnode, the CVD metric can determine the current net balance of market buying and selling pressure on spot markets. Using the same method, Glassnode found that investor sell-pressure has increased over the last 90 days, contributing to the downward trend in Bitcoin's price action.