Breaking News: Dormant Bitcoin Wallet Transfers $536.5 Million
A long-dormant Bitcoin whale wallet recently became active after over five and a half years, transferring over 8,000 BTC, valued at $536.5 million, from Coinbase cold storage. This reawakening of dormant Bitcoin wallets often occurs as investors and old miners decide to sell their assets for profits.
Rediscovery of a Dormant Wallet
After more than half a decade of inactivity, the Coinbase cold storage vault moved a total of 8,000 BTC on June 11, at 1:26 pm UTC, under block number 847,490, to Bitcoin wallet address “1ABww1.” The receiving Bitcoin wallet then forwarded the BTC to another Binance Deposit address at a fee of $108. Surprisingly, these transactions, worth over $1 billion, did not involve any test transactions.
- The dormant Coinbase cold storage wallet received the funds in increments of 200 BTC between October 5, 2018, and December 5, 2018, as per data from blockchain analytics firm Arkham Intelligence.
- Given Bitcoin’s current price of over $67,409, the transfer occurred after a remarkable +1,700% increase in the value of BTC from the average acquisition price of $3,750 in 2018.
- It’s uncertain if the wallet holder sold the BTC after transferring to Binance, but such resurgences of long unattended Bitcoin addresses indicate a desire to cash in on profits.
Unveiling Miners Selling Their Stockpile
Old miners are another group of Bitcoin stakeholders resurfacing with significant holdings. For instance, on March 27, a Bitcoin miner’s dormant wallet, containing 2,000 BTC received as mining rewards in 2010, suddenly became active after 14 years.
- Initially worth only a few hundred dollars, the BTC rewards skyrocketed to a staggering $140 million at the time of awakening.
- A Chainalysis and Fortune report revealed that approximately 1.8 million Bitcoin addresses have remained dormant for over a decade, with some wallets possibly lost due to forgotten passphrases.
- With an average of one dormant wallet waking up each month, these instances of revived dormant Bitcoin addresses suggest a trend toward cashing in on long-held assets.
Hot Take: Stay Alert for More Dormant Wallet Resurgences! 💸💼
The resurgence of long-dormant Bitcoin wallets, including those of investors and old miners, illustrates a growing trend of reactivating assets for profit. Keep an eye out for more dormant wallet awakenings and potential market impacts as more stakeholders decide to cash in on their Bitcoin holdings.
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