Dormant Bitcoin Whales Resurface, Moving Millions of Dollars in BTC
In October 2023, old-school bitcoiners have been actively transferring substantial amounts of bitcoin. This trend follows a surge in dormant BTC transfers from long-inactive wallets in September. The momentum of reawakening idle wallets has continued into October.
Staggering Transactions from Long-Inactive Wallets
One notable transaction involved 86 distinct wallets that came alive after nine years of dormancy. These wallets were created on January 3, 2014, and each transferred 10 BTC on October 4, 2023, totaling 860 BTC valued at over $24 million.
Analysis and Heuristics Confirm Singular Ownership
On-chain analysis and heuristics suggest that these wallets belong to a single individual. Blockchair’s privacy tool also assigned low scores to the transactions, indicating vulnerabilities like repeated address inputs.
Movement of Other Dormant Wallets
In addition to the aforementioned wallets, other long-inactive addresses from 2014 and 2013 have also sprung to action. These transfers include a wallet from August 10, 2014, moving 46 BTC and another wallet from January 30, 2014, shifting 12.56 BTC.
A wallet dating back to July 11, 2013, transferred a significant amount of 504.99 BTC worth $14 million at current rates.
Dormant Addresses from 2012 Also Active
Two dormant bitcoin addresses from 2012 have come alive as well. These addresses moved a total of 426 BTC with a current market value of close to $12 million.
A Spooky Trend
As October progresses, there may be a trend of dormant bitcoin wallet transactions from previous years. While many long-term holders continue to hold onto their bitcoin, it is evident that some are choosing to move their funds.
Hot Take: The Awakening of Dormant Bitcoin Wallets
The recent surge in dormant Bitcoin transfers indicates that long-inactive wallets are coming back to life. This trend has continued into October, with significant amounts of BTC being moved from wallets that have been dormant for years. It is unclear why these wallets are suddenly being activated, but it could be due to various factors such as increased confidence in Bitcoin’s value or the need to liquidate assets. Whatever the reason, it is an intriguing development in the world of cryptocurrency and highlights the potential for unexpected movements in the market.
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