Movement of Dormant Bitcoin Addresses Sparks Interest
This year has seen sporadic movement of dormant Bitcoin addresses, attracting attention from the Bitcoin community. The latest record of whale transactions reveals that a set of dormant Bitcoin from 2017 has recently moved for the first time in six years, according to on-chain data.
Peckshield, a blockchain security and data analytics firm, tweeted about the previously inactive address that held 2,100 BTC. It has now become active, with its assets transferred to a different address.
Whale Wakes Up and Moves $56 Million
The Bitcoin address in question had its first transaction of 2099.99 BTC on October 10, 2019, as per data from BitInfoCharts. At that time, the total value of the transaction was $11.79 million. With the current price of Bitcoin at $27,140, the value has grown significantly.
#PeckShieldAlert A dormant #BTC address 13RLtG…PXs, which received ~2,100 $BTC (worth about $11.8M at the time of transfer) on October 19, 2017, moved its $BTC (now worth ~$56.3M) to a new address 1LGnp5…GgM. pic.twitter.com/rchpCTI1va
— PeckShieldAlert (@PeckShieldAlert) September 19, 2023
The balance in the wallet address has increased to $56.3 million at the time of transfer, resulting in a profit of $44.5 million. However, during the crypto market bull run in 2021, the holdings reached a worth of $121 million.
Bearish Signal?
The recent whale transfer has brought some excitement to an otherwise uneventful week for Bitcoin. Significant movements of BTC can attract attention from other traders and cause temporary price fluctuations, especially if they are sold off.
In a similar vein, dormant Bitcoin addresses holding thousands of Bitcoins also awakened last month. These cryptocurrencies were acquired for less than $1 each in 2010, during the first year of Bitcoin’s creation.
Hot Take: Dormant Bitcoin Addresses Wake Up, Stirring Curiosity and Price Speculation
The movement of dormant Bitcoin addresses has caught the attention of the crypto community. The recent awakening of a previously inactive address, holding 2,100 BTC since 2017, has sparked curiosity and speculation. With the assets transferred to a new address, the total value of the transaction now stands at $56.3 million.
This event serves as a reminder that whales can significantly impact the market when they make large transactions. Traders keep a close eye on such movements as they can cause temporary price fluctuations. The excitement surrounding these dormant addresses adds an element of mystery to the world of Bitcoin, creating opportunities for profit and adding fuel to ongoing discussions about its future.
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