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.
The wallet made a minor transaction on 3 September 2017, transferring out 204.89 BTC, which was valued at $947,372 back then. This left the wallet with a balance of 2,995 BTC, which remained untouched until the recent transaction. The wallet now holds a negligible balance of 0.00028 BTC, equivalent to $7.85. Data from Arkham Intelligence indicates that the two recipient addresses were recently created, adding another layer of mystery to the transaction.
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.
Additional information from BTCparser reveals that this month has seen a surge in activity from early Bitcoin adopters moving their sizable holdings.
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.
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.
Lookonchain, an on-chain analytics platform, revealed that the wallet originally acquired the 1,037 BTC on 11 April 2012, when the cryptocurrency was priced at a mere $4.92. This means the assets were initially worth approximately $5,108 when first acquired.
Featured Image via Pixabay