A dormant 12-year-old Bitcoin address just transferred millions to another account.
The Bitcoin wallet address holding 1,000 BTC, valued at over $60 million, transferred funds for the first time in nearly 12 years on Sunday, as per onchain data.
The wallet received the bitcoin 11 years and 9 months ago, according to onchain data, and had not made any outgoing transactions until Sunday, when it sent the 1,000 BTC to a new address. However, Blockchain.com data indicates that the transaction was first broadcast on January 19, 2024.
Here’s the twist: Back when they received the Bitcoin, it was only worth $12,100. Today it has experienced a staggering 500,000% increase. Interestingly, when the transaction was first broadcast in January, the crypto was valued at $41.6 million. The delay in confirmation resulted in a nearly $20 million gain due to Bitcoin’s price surge.
Recent months have seen a flurry of activity from dormant Bitcoin wallets. Just ten days ago, a wallet that had been inactive for over twelve years came alive, transferring nearly $7 million.
This isn’t an isolated incident. May saw two similar awakenings. On the 12th, a massive transfer of 1,000 Bitcoin (over $60 million) occurred after a decade of dormancy. This was preceded by another transfer, just a week earlier, of over $44 million worth of Bitcoin that had been inactive for ten years.
Even bigger movements happened earlier in the year. March saw a colossal $6 billion transferred from the dormant fifth-richest address on the Bitcoin blockchain, which hadn’t been active since 2019. Additionally, another entity consolidated $140 million worth of Bitcoin mined way back in 2010.
Interestingly, January witnessed a surge in dormant Bitcoin waking up (nearly 50,000) shortly after the US approved spot Bitcoin exchange-traded funds. This timing hints at a possible link between the two events.
