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Home»ADOPTION NEWS»Dormant address with $60 million worth of Bitcoin wakes up after 12 years
ADOPTION NEWS

Dormant address with $60 million worth of Bitcoin wakes up after 12 years

By Crypto FlexsJuly 14, 20243 Mins Read
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Dormant address with  million worth of Bitcoin wakes up after 12 years
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Dormant Bitcoin wallet address containing 1,000 Bitcoin

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According to on-chain data, $60 million worth of funds were transferred on Sunday for the first time in nearly 12 years.

According to on-chain data, the wallet received bitcoin 11 years and 9 months ago and had not yet made a transfer transaction until Sunday, when the wallet sent 1,000 BTC to a new address. However, according to Blockchain.com data, the transaction was first broadcast on January 19, 2024.

When this wallet, first discovered by on-chain monitoring platform Whale Alert, received its bitcoins, historical price data shows that the holdings were worth just $12,100. After holding for nearly 12 years, the wallet has seen its coins appreciate by around 500,000%.

The reason for the previous transaction is still unknown, and the identity of the wallet owner is unknown. However, the value of the holdings was approximately $41.6 million when the transaction was originally broadcasted on the network. The delay between the time the transaction was broadcast and when it was actually mined means that the value of Bitcoin is now approximately $20 million higher due to the increase in the Bitcoin price.

Recent Bitcoin Whale Movements

Just 10 days ago, another wallet that had been dormant for more than 12 years was awakened and transferred about $7 million in funds.

On May 12, 1,000 BTC worth $60 million was moved for the first time in 10 years. A week later, 687.33 BTC worth $44 million was moved for the first time in 10 years.

In March, the fifth-richest address on the Bitcoin blockchain, which had been dormant since 2019, moved $6 billion. Another entity also consolidated $140 million worth of Bitcoin mined in 2010 into a single wallet that month.

In January, less than a week after a spot Bitcoin exchange-traded fund (ETF) was approved in the United States, nearly 50,000 dormant bitcoins were awakened.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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