Over $11 Million in Dormant Bitcoins Spring to Life
In August 12, 2023, an impressive sum of 391.305 BTC, valued at $11.4 million, stirred from its long hibernation. These dormant bitcoins are inactive and untouched for extended periods. Here are the key points:
- The term “sleeping bitcoins” refers to bitcoins that are inactive and have not been traded or used for a long time.
- The existence of these dormant bitcoins can be due to various factors such as lost access, deliberate long-term cold storage, forgotten possessions, inherited or legal barriers, or a strategic decision to hold.
- Specialized blockchain parser programs like btcparser.com are used to discover these sleeping stashes.
- On August 12, 2023, at block heights 802,827, 802,872, and 802,879, significant amounts of bitcoins were transferred for the first time since 2014.
- The decision to spend or move sleeping bitcoins is complex and depends on individual circumstances, including financial needs, wallet security, and storage methods.
This awakening of dormant bitcoins could have significant implications for the cryptocurrency market. It could lead to changes in market dynamics and potentially impact bitcoin’s value. The decision to awaken these bitcoins is influenced by various factors, both financial and personal. It will be interesting to see how these previously dormant assets are utilized in the future.
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