- Long-inactive Bitcoin wallets, dating back to 2012-2014, show significant movement in early October 2023.
- Over 1,786 BTC, equivalent to more than $50 million, has been transferred from these dormant accounts in just a week.
- “As October unfolds, we may witness a spooky trend of dormant bitcoin wallet transactions from yesteryears.”
Dormant Bitcoin wallets from the early 2010s have made a sudden resurgence, transferring substantial sums, reigniting discussions on early BTC holders and their market moves.
October 2023: A Whirlwind of Dormant BTC Activity
After a notable increase in Bitcoin’s value, October witnessed a continuous trend from September where long-dormant BTC wallets sprang to life. The initial days of the month have been marked by multiple transactions from 2012-2014 wallets, including an eye-catching 860 BTC transaction distributed across 86 individual wallets, all created on January 3, 2014. Each of these wallets, dormant for nearly a decade, has reignited the cryptocurrency community’s curiosity due to their synchronous activity, hinting at a single ownership.
On-chain Analysis Confirms Singular Ownership
Further bolstering this speculation, on-chain analysis and heuristics indicate singular ownership of these wallets. The transactions they initiated were not discreet, with Blockchair’s privacy tool assigning low scores due to vulnerabilities like repeated address inputs. Notably, these wallets employed the “send everything” feature to transition their funds from legacy addresses to P2SH (Pay to Script Hash) addresses.
Other Noteworthy Movements
However, the 860 BTC was just the tip of the iceberg. A wallet from July 11, 2013, containing a whopping 504.99 BTC, valued at about $14 million at current rates, also marked its activity on October 4, 2023. Blockchair’s tool rated this transaction’s privacy as “moderate”, indicating the repetitive use of the same address in its inputs.
Adding to this flurry, two Bitcoin addresses from 2012 made a comeback this week. The first, established on October 26, 2012, transferred 200 BTC on October 6, 2023. The second, dating back to November 10, 2012, dispatched an additional 226 BTC the same day. These combined transfers, equivalent to 426 BTC, carry a market value nearing $12 million. Both transactions exhibited weak privacy measures.
Conclusion
October 2023 has already seen its share of unexpected movements, particularly from Bitcoin wallets that have been dormant for almost a decade. As the month progresses, the market may need to brace for further surprises. While many veteran BTC holders (“hodlers”) are known for their steadfast commitment to retaining their assets, the recent activities suggest that a segment of these early adopters might be taking a divergent path. The reasons for these sudden transfers remain speculative, but their market implications are undeniable, warranting close monitoring in the coming weeks.
