Two long-dormant Bitcoin wallets have reactivated, transferring a total of 1,000 Bitcoins, now valued at $61 million. These wallets, which had been inactive since acquiring the Bitcoins in September 2013 at a price of $134 each, executed these significant transactions recently, showcasing a remarkable return on their initial investment—456 times the original amount.
Sudden Movements Spark Speculation
The first wallet, identified by the address “16vRqAJ1wfuFBkVMabKnZHLkeN3uwqjzEa”, moved its 500 Bitcoins on May 12, at block 843,131. Shortly after, the second wallet “1DUJuHGVT4sa1VMGjfF9YdFnFAEw6NgfC5” followed suit, moving another 500 Bitcoins. These sequential transactions occurred within just two blocks of each other, suggesting a coordinated effort potentially by the same owner or entity.
Since the transfers, the Bitcoins from “16vRq…qjzEa” have been distributed further among various addresses, indicating active management, while the receiver from “1DUJuH…NgfC5” has retained possession of its 500 Bitcoins.
Analysis by Lookonchain
Blockchain analytics firm Lookonchain has linked the two transactions, attributing them to potentially a single source due to the closeness of their activity. Prior to these moves, these addresses ranked as the 4,353rd largest Bitcoin whales, according to BitInfoCharts.
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Broader Market Impact
This activity comes amid broader interest in dormant Bitcoin addresses. Chainalysis and Fortune report nearly 1.8 million Bitcoin addresses have been inactive for over a decade, holding about $121 billion worth of Bitcoin, which accounts for 8.5% of the total Bitcoin supply. These dormant accounts occasionally activate, prompting speculation whether it is for selling at high market prices or for transferring to more secure wallets.
Bitcoin’s current value stands at $61,450, with a significant 130% increase over the past year. Such movements in dormant accounts can have notable implications on market perceptions and the dynamics of Bitcoin trading.
As these whale wallets awaken, the crypto community watches closely, pondering the strategic financial moves behind such significant transfers, and what they might indicate about the future behavior of other dormant accounts in the volatile cryptocurrency market.
