Bitcoin Stash Over 10 Years Old Moves Again
Over 1,000 BTC worth more than $62.8 million has been transferred from wallet addresses that have been inactive for over a decade, sparking numerous questions about the origin and motives behind this event.
Bitcoin Stash Over 10 Years Old Moves Again
Two Bitcoin wallet addresses that had been inactive for more than 10 years have recently transferred a total of 1,000 BTC, valued at over $62.8 million at the time of writing.
2 wallets that have been dormant for 10.7 years transferred all 1,000 $BTC($60.9M) out in the past 20 mins.
— Lookonchain (@lookonchain) May 12, 2024
Wallet"16vRqA" received 500 $BTC($62K at that time) on Sept 13, 2013, when the price was $124.
Wallet"1DUJuH" received 500 $BTC($62K at that time) on Sept 12, 2013, when… pic.twitter.com/l5ivjrcRt5
The two BTC transfers occurred within a very short timeframe. The first wallet address (16v…zEa) transferred 500 BTC (equivalent to $31.4 million). Just 20 minutes later, according to on-chain data, another address (1DU…fC5) also executed a transaction transferring 500 BTC.
According to Lookonchain, both addresses received exactly 500 BTC on the same day, September 12, 2024, when Bitcoin was trading at around $124.
$2 BILLION of dormant Bitcoin moved just before US market open today, across several linked addresses.
— Arkham (@ArkhamIntel) January 16, 2024
The BTC had moved once in 2019, and before that had been dormant since 2013. pic.twitter.com/xD4frjzQuP
At today's Bitcoin price of approximately $62,800, this 1,000 BTC represents a substantial profit, multiplying the initial investment by 500 times.
The BTC from the first wallet address has been split and moved to other addresses, while the BTC from the second address has not been transferred elsewhere.
The purpose behind these "whale" wallets waking up and the identity of the wallet owners remain undetermined. However, due to the identical BTC amounts transferred and the proximity in transaction times, it is likely that the 1,000 BTC belongs to the same entity.
Bitcoin Fear and Greed Index is 57. Greed
— Bitcoin Fear and Greed Index (@BitcoinFear) May 13, 2024
Current price: $61,471 pic.twitter.com/pFMINNV5B6
The motive behind this BTC transfer is a topic of community discussion. Some believe the owner may be selling Bitcoin via OTC transactions to cash out profits. Others speculate that they might be moving BTC to newer, more secure cold wallets.
Recently, there have been notable activities involving Bitcoin "whale" wallets. Last week, a Bitcoin wallet address woke up after 10 years and transferred a total of 687.33 BTC, worth over $44 million, to two different wallet addresses.
In March 2024, the fifth richest Bitcoin address, inactive since 2019, moved $6.6 billion worth of BTC.
In January 2024, nearly 50,000 BTC that had been inactive also "woke up" less than a week after the approval of Bitcoin Spot ETFs in the United States.
As these "whale" wallets continue to wake up, recent trends in Bitcoin chain metrics show a significant decline, notably on the Runes Protocol, following its launch three weeks ago. Combined with Bitcoin's Fear & Greed index at 57, there is speculation that this could signal a shift towards a bear market in the future.
The BTC price has not been significantly affected by this news and has seen a slight recovery of about 3.4% in the past 24 hours. Currently, BTC is trading at $62,500 at the time of writing.
Chart 4h of BTC/USDT pair on Binance at 06:20 PM on May 13, 2024
