10-Year Dormant Bitcoin Wallets Move $61 Million
Two Bitcoin wallets, dormant for a decade, have suddenly sprung to life, transferring a combined 1,000 bitcoins—vvalued at $61 million—iin a surprising turn of events.
Awakening of the Wallets
On May 12, at 7:10 p.m. UTC, wallet address "16vRq...qjzEa" transferred 500 bitcoins, followed by another 500 bitcoins sent by address "1DUJuH...NgfC5" two blocks later, according to Blockchain.com’s Bitcoin block explorer.
Massive Appreciation in Value
These wallets initially received 500 Bitcoin each in September 2013, when Bitcoin was priced at $134. Today, their combined value has skyrocketed to $61.2 million, marking a staggering 456-fold increase from their acquisition price.
Speculation and Analysis
Following the transfers, one of the receiving addresses swiftly distributed the bitcoin to multiple addresses, while the other remained holding 500 bitcoins. Blockchain analytics firm Lookonchain has paired the two transactions, suggesting they may have belonged to the same entity.
Bitcoin Whales Awaken
Previously ranked as the 4,353rd largest Bitcoin whales, these dormant wallets have now reentered the scene, raising speculation about their motives and the identity of their owner.
Dormant Bitcoin Addresses
This occurrence sheds light on the vast number of dormant Bitcoin addresses, with nearly 1.8 million remaining untouched for over a decade. While some believe these awakenings could signal a strategic move to sell or secure funds, others speculate on the potential reasons behind the transfers.
Bitcoin's Price Surge
Bitcoin's current price stands at $61,450, marking a remarkable 130% increase over the past 12 months, further fueling discussions on the cryptocurrency's trajectory and market dynamics.
