Dormant Address Becomes Active After 11 Years, Moves Over 1K BTC
Several reports suggest that a Bitcoin (BTC) wallet that has been inactive for 11 years suddenly became active recently. This dormant wallet transferred all of its holdings, containing 1,037 BTCs (equivalent to $31 million based on the current value of the cryptocurrency).
Sleeping BTC Wallet Awakened
The 1,037 BTC was transferred by this newly active wallet when the BTC price hovered around $29,956. This significant movement occurred at block height 799701, causing a huge debate among the crypto community.
The historic transfer occurred on July 22 at approximately 10:51 a.m. UTC, according to on-chain data from BitInfoCharts. The history behind this newly active address adds to the intrigue of this transaction.
This address secretly bought an impressive 1,037 BTC when Bitcoin was only worth $4.92 on April 11, 2012. A new wallet with the address “bc1qt180…” received the $31 million worth of BTC from the once-dormant crypto wallet address, according to Blockchair, a blockchain aggregator.
The US government has recently made several BTC transfers, transferring nearly 10,000 BTC valued at $299 million on July 12. Analysts opined that the government is converting the BTCs it has seized from offenders and bad actors in the industry, notably Silk Road.
While the final destination of these transactions is unknown, no one knows whether the US authorities transferred them to cryptocurrency exchanges or sold them off to third parties.
Newly Active Crypto Wallets With Massive BTC Holdings
In the last few months, some previously dormant crypto wallets with substantial BTC holdings have suddenly become active and are transferring all their BTC stash. Last month, an unknown BTC whale moved 1,400 BTC worth $36 million at the time of transfer.
This wallet’s transaction caused huge debate because it sent its BTCs to a Pay-to-Taproot address, raising questions about the motivation behind the transaction. According to CryptoQuant CEO Ki Young Ju, this Bitcoin whale decided to use a Pay-to-Taproot address to guarantee the transaction’s privacy and anonymity.
Taproot is a much-anticipated upgrade to the Bitcoin protocol because it enhances privacy and scalability. Thus, the sender can conceal specific details by using this feature.
In April this year, the cryptocurrency community witnessed another significant Bitcoin transfer. After acquiring BTC at $663, an address that had been dormant for nearly a decade sprang to life.
The holder of this address also transferred over 2,070 BTC, equivalent to $60 million at the time of transfer. The recent activeness of previously dormant crypto wallets has become a cause of enormous debate in the crypto community.
BTC’s current value is $30,082, according to CoinGecko. While BTC’s value has increased by 81.8% in 2023, it is still 56.4% lower than its record high in November 2021.
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