Dormant for a Decade: $60 Million in Bitcoin (BTC) Springs into Action

  • Over $60 million worth of Bitcoin has been transferred from dormant wallets that have been inactive for over a decade.
  • The transfer involved the movement of 1,000 BTC, valued at $62.8 million according to current prices.
  • These wallets had received 500 BTC each back in 2013 when bitcoin was trading at around $124, amounting to approximately $62,000 in value at the time.

Bitcoin worth over $60 million has been moved from dormant wallets, sparking interest and speculation in the crypto community.

Dormant Addresses Move BTC Worth $62.8 Million

On-chain data reveals that two Bitcoin wallet addresses, inactive since September 12, 2013, moved a total of 1,000 BTC, valued at over $62.8 million at current prices. The movements occurred in succession, with one address transferring 500 BTC ($31.4 million) at 9:46 a.m. UTC, followed by a second identical one, just 20 minutes later. These wallets had received 500 BTC each back in 2013 when bitcoin was trading at around $124, amounting to approximately $62,000 in value at the time. With bitcoin’s price close to $63,000 according to CoinGecko data, the value of the transferred fortune has surged more than 500 times over the past decade.

Recent Bitcoin Whale Movements

This recent event is not an isolated incident in the crypto space. Earlier this year, a Bitcoin whale moved 2,000 BTC, valued at $140 million, after lying dormant for 14 years. This transfer involved 40 sets of mining rewards, each consisting of 50 BTC, accumulated over a decade into one wallet. Last week alone, 687.33 BTC, worth over $44 million, was moved for the first time in a decade. In March, the fifth richest address on the Bitcoin blockchain, dormant since 2019, transferred $6 billion worth of the asset to three new wallets. The transfer took place against a backdrop of increased institutional interest in Bitcoin caused by its price surpassing $70,000.

Conclusion

These movements of dormant Bitcoin have become increasingly common and suggest a potential correlation between regulatory developments and dormant activity. The identity of the wallet’s owners and the reason behind these transfers remains unknown. However, the similarity in transfer amounts and the closeness of transactions suggest a potential connection between the two addresses. As the crypto market continues to mature, these large movements of dormant Bitcoin will likely continue to capture the attention of investors and analysts alike.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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