dormant bitcoin (Bitcoin) A wallet holding more than 1,037 bitcoins ($31 million at current prices) has suddenly woken up after 11 years of dormancy and moved all of its holdings.
1,037 BTC transferred at Bitcoin price of $29,956 and went live at block height 799701 – around 10:51AM UTC on July 22nd, according to to BitInfoCharts.
The long-dormant address acquired 1,037 BTC on April 11, 2012, when BTC was priced at just $4.92, according to on-chain analytics platform Lookonchain. pointed out July 22. That means the collection was only worth around $5,108 at the time.
A BTC giant whale that has been dormant for 11 years transferred all 1,037.42 bitcoin dollar($37.8M) to the new address “bc1qtl” an hour ago.
Whales received 1,037.42 bitcoin dollar($5,107 at the time) April 11, 2012, when the price was $4.92. pic.twitter.com/xBaw2dQfY8
— Lookonchain (@lookonchain) July 22, 2023
Data from blockchain aggregator Blockchair programme The wallet address “bc1qt180…” — which appears to be a new wallet — was the recipient of $31 million.
When the BTC price hit its all-time high of $69,044 on November 10, the original Bitcoin wallet balance peaked at $71.6 million. according to Cryptocurrency price platform CoinGecko.
The U.S. government has been one of the largest BTC movers recently, moving nearly 10,000 BTC (worth $299 million) in a series of transactions related to the Silk Road seizure on July 12.
It was not immediately clear whether the transactions were sent to cryptocurrency exchanges or if they remained in the custody of the Justice Department.
More mysterious wallet moves
On June 11, another mysterious Bitcoin whale transferred 1,400 BTC (worth $36 million at the time) to a Pay-to-Taproot (P2TR) address. CryptoQuant CEO Ki Young Ju believe The motivation behind the deal may have been to enhance privacy.
In early April, another Bitcoin address moved 2,071 BTC (worth $60 million), almost 10 years after the BTC price was $663. according to to Lookonchain.
Three months ago, a whopping $250 million transfer 26,056 BTC was generated by another Bitcoin address. At the time of BTC’s all-time high, wallets were worth over $1 billion.
related: Flat Bitcoin price action sparks buying interest in LINK, FIL, SNX and THETA
According to a chart from on-chain analytics firm Glassnode (shared by cryptocurrency researcher Will Clemente), over 55% of all BTC has not moved in over two years, despite some high-value transfers:
Dormant Bitcoin is the best #bitcoin
go through @WC Clement III
https://t.co/RwcCWodIod— Miklos Denkler (@MiklosDenkler) July 23, 2023
The current price of BTC is 30,082. Although the price of Bitcoin has increased by 81.8% in 2023, it is still down 56.4% from its all-time high in November 2021. according to to CoinGecko.
Magazine: Hall of Flame: Wolf Of All Streets Worry About Bitcoin Hitting $1 Million World
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