A Bitcoin wallet that had been dormant for 11 years has suddenly come to life, transferring its entire stash of over 1,037 Bitcoin, worth $31 million at current prices. The transfer occurred on July 22 at 10:51 am UTC, during a period when the price of Bitcoin was $29,956. The wallet had obtained the Bitcoin on April 11, 2012, when its value was only $5,108.
The recipient of the $31 million was a fresh wallet address that starts with “bc1qt180…”. This new address received the transfer according to data from blockchain aggregator Blockchair. The original Bitcoin wallet’s balance peaked at $71.6 million when Bitcoin reached its all-time high price of $69,044 on November 10.
It is worth noting that the United States government has been involved in significant Bitcoin transactions recently. On July 12, it transferred nearly 10,000 BTC, equivalent to $299 million, in relation to the Silk Road seizure. The destination of these funds is unclear, as it is unknown whether they were sent to cryptocurrency exchanges or if they remain under the custody of the Justice Department.
This recent movement of dormant Bitcoin wallets is not isolated. In June, a mysterious Bitcoin whale transferred 1,400 BTC (worth $36 million at the time) to a Pay-to-Taproot (P2TR) address, possibly to enhance privacy. Additionally, in April, another Bitcoin address moved 2,071 BTC (worth $60 million) almost a decade after acquiring them at a price of $663. And three months prior to that, a different wallet made a massive transfer of 26,056 BTC, worth $250 million at the time. This wallet’s value peaked at over $1 billion during Bitcoin’s all-time high.
Despite these high-value transfers, over 55% of BTC has remained untouched for more than two years, as reported by on-chain analytics firm Glassnode. Bitcoin’s current price stands at $30,082, marking an 81.8% increase since the beginning of 2023. However, it is important to note that it is still down by 56.4% from its all-time high in November 2021.
The movement of these dormant Bitcoin wallets continues to intrigue the crypto community, with speculation surrounding the motives behind such transfers and the potential impact on the market. As Bitcoin continues to evolve, these wallet activities serve as a reminder of the cryptocurrency’s fluctuating nature and the potential for unexpected shifts in ownership and market dynamics.
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