Dormant Bitcoin Wallets Transfer $20.3 Million After A Decade of Inactivity

A peculiar activity in Bitcoin wallets, reported by sources, has raised ears and opened wide eyes across the crypto arena. Bitcoin has allegedly arrived just below the $60,000 mark,  and two dormant Bitcoin wallets that were not active since 2014 and 2013 have become active out of the blue. The two wallets moved a total of 342.59 BTC altogether. 

At the ongoing market rates, this number of Bitcoins is worth around $20.3 million. This sudden movement has set the crypto community abuzz with speculations, as it comprises massive amounts of Bitcoin that were untouched for almost a decade. The rejuvenation of these dormant Bitcoin wallets demonstrates the potential for significant market movements and springs up questions about the future of Bitcoin’s liquidity and value stability.

Awakening of Dormant Bitcoin Wallets

According to news sources, on Wednesday, one of the dormant Bitcoin wallets, which had been sitting idle since August 18, 2014, suddenly moved 200 BTC. When the transfer was made, Bitcoin was worth $59,360 per coin, making the value of the transaction around $11.8 million. The transfer took place at 11 a.m. EDT on August 21, and it was made from a Pay-to-PubKey-Hash (P2PKH) legacy address, later ending up in a Bech32 (Segwit) address. The funds are in this Segwit address at the time of writing.

Blockchair’s privacy tool reportedly assessed the privacy of this transaction and marked it with a score of 45 out of 100. The score was impacted by the repeated use of the same address in the transaction inputs and the fact that the funds were swept. The body behind this movement paid 5,787 satoshis, which amounts to $3.44, in fees, with a fee rate of 4.47 satoshis per virtual byte (sat/vB). Notably, the 200 BTC was originally acquired for just $91,000, as reported.

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$8.47 Million Bitcoin Transfer of 142.59 BTC Detected

Not long after the 200 BTC transfer from one wallet, another dormant Bitcoin wallet from 2013 followed suit and became active. At block height 857,774, btcparser.com detected the transfer of 142.59 BTC. This transfer was also originated from a legacy P2PKH wallet and was sent to another P2PKH address. Blockchair rated this second transaction a little higher than the previous one and gave scored it 55. The fee for moving the 142.59 BTC was a mere 6 sat/vB, or $0.69, as reported. When the transfer was made, this amount of Bitcoin was valued at approximately $8.47 million.

The 142.59 BTC in this dormant Bitcoin wallet were alleged to not have been in use ever since it was first acquired on November 20, 2013. At that time, the Bitcoin was worth $84,270.69, as reported. Even with the recent activity, the 342.59 BCH linked with these two dormant Bitcoin wallets remains idle. These funds are still constantly lying in the old addresses, with a market value of $116,470, at the time of writing.

Conclusion

The abrupt activity from these two dormant Bitcoin wallets, carrying sizeable amounts of Bitcoin, has gained traction within the crypto community. Bitcoin has reportedly neared the $60,000 mark now and these transfers show the long-term value and potential of idle Bitcoin assets. The exact reason and objective of this awakening on both wallets is still unknown but the level of monitoring and speculations around this activity has reinforced the importance of regulating such transfers. The reactivation of these dormant Bitcoin wallets impacts market dynamics along with fueling discussions about the future of Bitcoin’s value and the strategic movements of long-term holders. Learn more about the significance of holding on to digital assets for a long-term with TheBITJournal.