Over the past decade, wallets have seen an extraordinary surge of 50,000%, demonstrating the significant growth and enduring promise of Bitcoin.
Yesterday, an amount exceeding $60 million worth of Bitcoin was transferred from dormant wallets that had remained inactive for over a decade. This transfer involved 1,000 BTC, valued at $62.8 million based on current prices.
Dormant Addresses Move BTC Worth $62.8 Million
On-chain data reveals that two Bitcoin wallet addresses, inactive since September 12, 2013, have recently transferred a combined total of 1,000 BTC, valued at over $62.8 million at current market rates. The transfers occurred consecutively, with one address moving 500 BTC ($31.4 million) at 9:46 a.m. UTC, followed by the other doing the same just 20 minutes later.
These wallets initially received 500 BTC each in 2013 when Bitcoin was trading around $124, amounting to approximately $62,000. Today, with Bitcoin’s price nearing $63,000 according to CoinGecko, the transferred sum has multiplied over 500 times in value over the past decade.
The funds from the first wallet were further dispersed to additional addresses, while those from the second wallet remain unmoved. The motives behind these transfers remain undisclosed, as well as the identities of the wallet owners.
The resemblance in transfer amounts and the proximity of transactions hint at a possible link between the two addresses.
Recent Bitcoin Whale Movements
This recent event is part of a trend in the cryptocurrency space. Just earlier this year, a Bitcoin whale moved 2,000 BTC, valued at $140 million, after remaining inactive for 14 years. This transfer combined 40 sets of mining rewards, each containing 50 BTC, accumulated over a decade into one wallet.
Such movements of long-dormant Bitcoin holdings are becoming more frequent. For instance, last week alone, 687.33 BTC, worth over $44 million, was moved for the first time in a decade. In March, the fifth wealthiest address on the Bitcoin blockchain, dormant since 2019, transferred $6 billion worth of the asset to three new wallets. These transfers occurred amid growing institutional interest in Bitcoin, driven by its price exceeding $70,000.
In January, nearly 50,000 dormant BTC became active shortly after the approval of spot Bitcoin exchange-traded funds in the United States. This suggests a possible correlation between regulatory developments and dormant Bitcoin activity.
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