‘Sleeping Bitcoin’ Wallets Awaken, Moving $28 Million in 2024
This year has seen a resurgence in the activity of long-dormant bitcoin wallets. According to data from btcparser.com, around 659.14 bitcoins from addresses created between 2010 and 2017 were transacted for the first time in the initial two weeks of 2024. This is a significant increase compared to the previous year, which saw more bitcoin movements from addresses established in 2011 and 2012. The majority of the bitcoins moved this year came from wallets created between 2013 and 2017, with 2017 leading the way in terms of transactions. There were also movements from wallets created in 2016, 2015, 2014, and 2013.
Mixed Activity from Different Vintage Wallets
While there were no transactions from wallets created in 2012, one interesting movement occurred from a wallet established in May 2011, which moved 20 bitcoins in January 2024. There was also a minimal transaction of 0.00000547 bitcoins from a 2010 wallet, but the wallet still retains its initial 50 bitcoins, now valued at $2.1 million. Last year, especially towards the end of 2023, there were more transactions from dormant bitcoin addresses dating back to 2011 and 2012. However, transactions from 2010 wallets have become increasingly rare.
Closing Thoughts: The Awakening of Sleeping Bitcoin
The recent uptick in transactions from long-dormant bitcoin wallets highlights the potential for movement in the cryptocurrency market. These sleeping bitcoins, established as far back as 2010, have now come to life, with millions of dollars’ worth of transactions occurring. This trend demonstrates the evolving nature of the crypto space, as investors and holders of vintage bitcoins make strategic decisions based on market conditions. As bitcoin continues to mature and gain mainstream adoption, it will be interesting to see how these sleeping wallets will impact the overall dynamics of the market. The awakening of sleeping bitcoin is a fascinating development that adds an extra layer of intrigue to the world of cryptocurrency.
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