Bitcoin Wallet from 2016 Transfers $82.3 Million
A Bitcoin wallet that had been inactive for close to six years recently sprang into action, transferring a staggering 2,995 BTC, valued at around $82.3 million, to two newly established addresses. According to blockchain data, the wallet initially received 3,200 BTC on 7 May 2016 when Bitcoin’s spot price was just $459, making the assets worth $1.47 million at that time.
Inactive Wallet Moves $140 Million Worth of Bitcoin
In a related event, another long-inactive wallet recently transferred around 5,000 BTC, worth an estimated $140 million, to three separate wallets on October 8. This particular wallet had been idle for three years prior to this activity.
Early Bitcoin Adopters Reactivate Dormant Addresses
Cryptocurrency analyst Jill Martin has highlighted that Bitcoin addresses dormant since 2012 are reactivating and making significant transfers. According to Martin, just in October 2023, four such addresses have sprung to life, collectively moving 653 BTC, which has a current market value of $18.25 million. Martin’s observations offer a snapshot into the early stages of Bitcoin, illustrating how these initial coins have substantially increased in value over the years.
Bitcoin Wallet Inactive for 11 Years Transfers $31 Million
In late July, according to data from BitInfoCharts, a Bitcoin wallet that had been inactive for 11 years recently sprang to life, transferring its entire holding of 1,037 BTC, valued at $31 million based on current market rates. The transaction took place when Bitcoin was priced at $29,956 and occurred at block height 799701, around 10:51 am UTC on 22 July 2023.
Hot Take: Dormant Bitcoin Wallets Are Reviving, Transferring Millions
It seems that dormant Bitcoin wallets from the early days of the cryptocurrency are coming back to life, making significant transfers and moving millions of dollars worth of BTC. This phenomenon highlights the incredible increase in value that Bitcoin has experienced over the years. It also raises questions about the motives behind these sudden reactivations. Whether it’s long-forgotten wallets or early adopters seizing opportunities, the revival of dormant addresses adds an element of mystery to the world of cryptocurrency. As more and more dormant wallets wake up, it will be interesting to see how this trend evolves in the future.
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