A Bitcoin wallet that had been dormant for over 11 years has suddenly sprung to life, transferring its entire stash of over 1,037 Bitcoin, valued at approximately $31 million at current prices, according to BitInfoCharts. The wallet, which had been inactive since April 2012, when Bitcoin was valued at less than $5, made the transaction on July 22, 2023.
The Bitcoin wallet’s sudden activity has sparked intrigue in the cryptocurrency community. The wallet’s owner, who remains anonymous, had acquired the 1,037 Bitcoin in mid-April 2012, when the digital asset’s price was just $4.92, according to Lookonchain on July 22. However, the value of the stash has since increased by over 600,000%, reflecting the meteoric rise of Bitcoin over the past decade.
The mystery of the Bitcoin whale
The transaction was made to a new wallet address, identified by the abbreviation “bc1qt180”. The original wallet’s balance had peaked at $71.6 million when Bitcoin reached its all-time high of $69,044 in November 2021. The sudden movement of such a significant amount of Bitcoin has led to speculation about the identity and motives of the wallet’s owner, often referred to as a ‘Bitcoin whale’ due to the size of their holdings.
The transaction has also raised questions about the timing of the move. Some observers have noted that the wallet’s owner could have maximized their profits by selling when Bitcoin was at its all-time high. Others have speculated that the owner may have lost access to their private keys or been temporarily hacked.
This is not the first time a long-dormant Bitcoin wallet has made headlines. In April 2023, another Bitcoin address transferred 2,071 BTC, worth over $60 million at the time, nearly a decade after acquiring the digital currency.
Crypto whales are actively transferring cryptocurrencies from one address to another nowadays in the crypto market. A few weeks ago, a dormant pre-mine address containing 61,216 ETH (116,396,127 USD) was activated after 8 years of dormancy, Cryptopolitan reported.
The reactivation of dormant crypto wallets can significantly affect the cryptocurrency market. Large transactions like these can influence the price of cryptocurrencies, and the sudden movement of long-inactive wallets can create uncertainty and speculation among investors.
