6,522 Neglected Bitcoin Worth $107 M Resurfaces After 5 Years
On November 16, an anonymous user transferred 6,522 BTC tokens worth almost $107 million from Bitcoin block height 763,474. The token had been idle for over five years.
Even though the value of Bitcoin is 75% lower than last year, the activities of inactive Bitcoins have begun to impact the broader crypto market. A few days ago, reports showed that about 3,500 BTC tokens left unused since 2011 were moved for the first time.
The current crypto market correction triggered by the FTX fiasco has made those old BTC wallets active. Interestingly, all have been transferred to unknown addresses.
For example, an address 1QBG9 transferred 25 coins at block height 762,719 from a wallet previously created on btcparser on November 13, 2011.
Furthermore, not long after this, another owner traded another 50 BTC coins from 2010 on November 14, 2022, after a long inactive period. The address that transferred the said asset to block height 763,149 was created in May 2010.
Active After Many Years
It is worth noting that all three of the above actions involved BTC kept in addresses that were left idle for over a decade.
Meanwhile, BTC from another address created on July 2017 became active after sitting idle for over five years. A report from btcparser.com shows that the wallets moved an estimated 6,522 BTCs this past week.
Moreover, this moved BTC stash is worth over $107 million based on today’s rates. Another Bitcoin address, 1LVBn, is reportedly connected to roughly 10,000 BTC from an address created and last active in May 2011.
When the 1LVBn address was formed in July 2017, Bitcoin traded at $2,874 per unit, as revealed by the statmuse.com metrics. As a result, the 6,522 BTC were originally worth $18.7 million before the owner locked it up and left it idle for over five years.
Accordingly, the holder is expected to gain over 472% in profits if the asset were to be traded today. Similarly, if the same individual purchased approximately 9,478.77 BTC towards the end of May 2011, the owner might have bought the tokens at $8.30 a unit.
Moreover, during the 2011 price surge, the holder could have seen a 1,189% increase in profit if he traded them for USD. However, the said funds appear to be sent to some exchanges, as was initially expected.
An on-chain tracking platform claims they were moved to two different addresses. These addresses combined hold 6,061.83 BTC and 460.57 BTC, respectively.
The available record shows that the transaction history of the 6,522 tokens traded on November 16, 2022, was not private. According to the Blockchain.com privacy tool, the moved funds currently sit on addresses with a privacy rating of 0.
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