Key Takeaways:
- Two dormant Bitcoin wallets that accumulated 1,000 BTC in 2013, when Bitcoin was priced at $134 each, have reactivated after a decade, moving their contents now valued at $61 million.
- The wallets made their transactions within minutes of each other during block numbers 843,131 and 843,133, leading analysts to speculate they may be controlled by the same entity.
- This reactivation is part of a broader trend where approximately 1.8 million Bitcoin addresses have remained inactive for over a decade, holding about $121 billion worth of Bitcoin, excluding Satoshi Nakamoto’s holdings.
Over a decade ago, two Bitcoin wallets amassed a total of 1,000 BTC, valued at $134 each at the time.
Recently, these wallets have re-emerged from dormancy, transferring nearly all of their contents — now valued at $61 million.
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 first wallet, addressed “16vRqAJ1wfuFBkVMabKnZHLkeN3uwqjzEa,” moved its 500 Bitcoins on May 12 at 7:10 pm UTC during block 843,131.
Shortly thereafter, the second wallet, “1DUJuHGVT4sa1VMGjfF9YdFnFAEw6NgfC5,” followed suit, transferring its 500 Bitcoins two blocks later as tracked by Blockchain.com’s explorer.
Originally, these wallets received their 500 Bitcoin on September 12 and 13, 2013, when the value per Bitcoin was significantly lower.
At today’s valuation, these Bitcoins have appreciated by 456 times, representing a current market value of approximately $61.2 million.
Post-transfer, one of the recipient addresses from “16vRqAJ1wfuFBkVMabKnZHLkeN3uwqjzEa” has already redistributed its 500 Bitcoin to various other addresses.
In contrast, the recipient from “1DUJuHGVT4sa1VMGjfF9YdFnFAEw6NgfC5” still retains possession of its 500 Bitcoins.
Dormant for a Decade: #Bitcoin Wallets Transfer Massive Sum Worth $61 Million https://t.co/HBhBZQEujg
— Bitcoin.com News (@BTCTN) May 13, 2024
This coincidental timing of transactions led blockchain analytics firm Lookonchain to suggest that both wallets might be controlled by the same individual or entity.
Before these transactions, these addresses were ranked as the 4,353rd largest Bitcoin whales, as per BitInfoCharts data.
This activity follows another notable movement less than a week prior, where a Bitcoin wallet from the Satoshi Nakamoto era moved 687 Bitcoins, valued at $43.9 million, into two distinct addresses.
According to looksonchain, 2 wallets that have been dormant for nealy 10.7 years transferred all 1,000 BTC($60.9M) out in the past 20 mins. Wallet"16vRqA" and Wallet"1DUJuH" both received 500 BTC on Sept, 2013, when the bitcoin price was $124 at that time.…
— Wu Blockchain (@WuBlockchain) May 12, 2024
While dormant Bitcoin wallets reactivating is a recurring monthly event, an analysis by Chainalysis and Fortune highlights that approximately 1.8 million Bitcoin addresses have been inactive for over a decade.
Excluding Nakamoto’s wallet, these contain around $121 billion in Bitcoin, representing 8.5% of the total 21 million Bitcoin that will ever exist.
The reasons behind these awakenings are varied, with some speculating sales at opportune moments while others suggest transfers to more secure or modern wallet services.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
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