dormant bitcoin (Bitcoin) A wallet holding 1,037 bitcoins (worth $31 million at today’s prices) awoke suddenly from an 11-year slumber and had its entire stash transferred.
1,037 BTC were transferred during the Bitcoin price of $29,956, block height 799701, taking effect around 10:51 am UTC on July 22nd. according to To BitInfoCharts.
On-chain analytics platform Lookonchain acquired 1,037 BTC for its long-dormant address on April 11, 2012, when the price of BTC was just $4.92. said This meant that the stash was only worth about $5,108 at the time.
11 Year Dormant BTC Whale Transfers Full $1,037.42 $BTC($37.8M) to the new address ‘bc1qtl’ an hour ago.
Whale received $1,037.42 $BTCOn April 11, 2012, the price was $4.92 ($5,107 at the time).https://t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8
— Lookonchain (@lookonchain) July 22, 2023
Data from blockchain aggregator Blockchair show That wallet address “bc1qt180…” (believed to be a new wallet) was the recipient of $31 million.
When BTC hit an all-time high of $69,044 on November 10, the original Bitcoin wallet balance reached $71.6 million. according to To cryptocurrency price platform CoinGecko.
The US government has been one of the largest BTC movers in recent times, transferring nearly 10,000 BTC (worth $299 million) in a series of transactions related to the July 12 Silk Road seizure.
It is not clear if the transaction was sent to a cryptocurrency exchange or is under the control of the Justice Department.
Even more mysterious wallet movements
On June 11th, another mysterious Bitcoin whale moved 1,400 BTC (worth $36 million at the time) to a Pay-to-Taproot (P2TR) address. CryptoQuant CEO Young Joo Ki believe The motivation behind this deal may have been to enhance privacy.
In early April, 2,071 BTC (worth $60 million) was transferred from another Bitcoin address. About 10 years after getting BTC for $663, according to to Look’n Chain.
Three months ago, a huge $250 million transfer Out of 26,056 BTC created by another Bitcoin address. At BTC’s all-time high, the wallet was worth over $1 billion.
Related: Bitcoin’s sluggish price movement stimulates willingness to purchase LINK, FIL, SNX, and THETA
More than 55% of BTC hasn’t moved in over two years, despite several high-value transfers, according to graphs from on-chain analytics firm Glassnode, shared by cryptocurrency researcher Will Clemente.
Dormant Bitcoin is the best #bitcoin
To @w_k_o_o_o_o
https://t.co/RwcCWOdIod— Miklos Denkler (@MiklosDenkler) July 23, 2023
The current price of BTC is 30,082. Bitcoin’s price rose 81.8% in 2023, but is still down 56.4% from its all-time high in November 2021. according to to CoinGecko.
magazine: Hall of Flame: Wolf Of All Streets Worries About A World Where Bitcoin Hits $1 Million
