Dormant Wallets Stir: $60M in Bitcoin (BTC) Moved After 8 Years – Unraveling the Cryptocurrency’s Next Destination

  • Two Bitcoin wallets that have been dormant for over a decade have suddenly become active, transferring out all of their holdings.
  • The wallets held a combined 1,000 Bitcoin (BTC), which were received in 2013 when the price of Bitcoin was $124.
  • The Bitcoin troves were worth a combined $60.9 million at the time of transfer, marking a staggering increase of 49,012.9%.

After over a decade of dormancy, two Bitcoin wallets holding a combined 1,000 BTC have suddenly become active, transferring out all of their holdings worth a combined $60.9 million.

Decade-Old Bitcoin Wallets Awaken

According to on-chain data, two wallets that held a combined 1,000 Bitcoin (BTC) for more than 10 years have suddenly awoken from their slumber. The crypto tracker Lookonchain notes that the first wallet received 500 BTC worth $62,000 on Sept 12th, 2013, when the price of Bitcoin was $124. The second wallet received the same amount at the same price the following day.

Transfer of Holdings

After more than 10 years of dormancy, both wallets transferred out all of their holdings in a 20-minute span over the weekend. The Bitcoin troves were worth a combined $60.9 million, a staggering increase of 49,012.9%. Data from the digital asset de-anonymizing platform Arkham indicates the crypto was sent to two newly created wallets. One of the addresses still holds 500 BTC, while the other one sent the Bitcoin through a series of other fresh wallets.

Whale Activity and Market Impact

In April, Ki Young Ju, the chief executive of blockchain intelligence platform CryptoQuant, noted that newer crypto whales – or investors that his firm defines as holding at least 1,000 Bitcoin with an average coin age of less than 155 days – had accumulated nearly twice as much BTC as their long-term holder counterparts. BTC is trading at $62,568 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.

Conclusion

The sudden activity of these decade-old Bitcoin wallets highlights the potential volatility and unpredictability of the crypto market. As BTC continues to trade at high prices, it will be interesting to monitor the activity of other long-dormant wallets and their potential impact on the market.

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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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