In a stunning move, a long-dormant Bitcoin wallet containing 1,000 BTC, now valued at over $60 million, has made its first transaction in nearly 12 years. The transfer has the crypto community buzzing with speculation.
On Sunday, this wallet, inactive since it received 1,000 BTC nearly 12 years ago, finally sent its holdings to a new address. Initially, these bitcoins were worth a modest $12,100, but their value has skyrocketed by an astounding 500,000% due to Bitcoin’s price surge over the years. On January 19, 2024, the transaction was broadcast, but it wasn’t mined until now, benefiting from Bitcoin’s recent price increase which added an extra $20 million to the value.
The identity of the wallet owner and the reason for this sudden transfer remain shrouded in mystery. This move comes on the heels of several significant dormant wallet activations. Just ten days ago, another wallet, inactive for over 12 years, moved nearly $7 million. Earlier in May, 1,000 BTC worth over $60 million was transferred for the first time in a decade, following another transfer of 687.33 BTC, valued at over $44 million, after ten years of dormancy.
In March, the fifth richest Bitcoin address, dormant since 2019, moved a staggering $6 billion. Additionally, $140 million worth of Bitcoin, mined in 2010, was consolidated into a single wallet during the same month.
These movements hint at a broader trend of long-inactive Bitcoin holdings being reactivated, possibly due to market conditions or other unknown factors. The crypto world remains watchful for further developments and the potential implications of these significant transfers.
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