$35 Million in Dormant Bitcoins Suddenly Transferred
Recently, a movement of so-called ‘sleeping bitcoins’ took place, involving wallets from 2013 and 2016 that collectively transferred 845.06 bitcoins valued at approximately $35.96 million. Out of these, 726 bitcoins likely belong to a single entity.
A Historic Transaction After More than a Decade
An unidentified party made its first transaction in over a decade, moving 118.93 BTC from a wallet known as “1PUeG.” Interestingly, the corresponding 118.93 BCH remained untouched.
Privacy-O-Meter Ratings and Funds Transfer
Blockchair’s Privacy-O-Meter rated this transaction a modest “low” privacy score due to the repeated use of the same address. The entire balance was transferred to a new address using the ‘send everything’ option. Additionally, nine wallets from 2016 moved a total of 726.13 BTC, with a moderate privacy score.
The Rise in Value Over Time
These nine wallets, dormant for almost eight years, held bitcoins valued at $301K in 2016. Now, their value has risen to an impressive $30.90 million at current exchange rates.
An Unveiling of Dormant Wallets
Dormant bitcoins, especially those from earlier periods, are uncommon in the crypto space. The awakening of the 2013 wallet was significant, but the simultaneous movement of the nine wallets from 2016 was more noteworthy, indicating a single owner’s involvement. However, the identity of the owner remains unknown.
Hot Take: A Surprising Resurgence of Dormant Bitcoins
Last week, an astonishing movement of dormant bitcoins occurred, involving wallets from 2013 and 2016. This transaction showcased the value of long-held bitcoins, as the collective transfer amounted to approximately $35 million. It’s rare for such old wallets to make sudden movements in the crypto space, yet these sleeping bitcoins awoke after years of dormancy. While the identity of the owner remains a mystery, this event has sparked intrigue and speculation within the cryptocurrency community.
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