Long-Dormant Bitcoin Whales Shift $61.2M in BTC After a Decade

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Two Bitcoin Whales’ wallets, which have been dormant for a decade, suddenly became active on May 12, as they transferred a total of 1,000 BTC, currently valued at approximately $61.2 million.

Bitcoin Whales’ Addresses Ranked as 4,353rd-Largest Holdings

According to Bitcoin explorer Blockchain.com, the first wallet moved its 500 BTC at block 843,131 on May 12, 7:10 pm UTC, followed by the second wallet, which transferred 500 BTC two blocks later.

These Bitcoin Whales wallets received 500 Bitcoin each on September 12 and September 13, 2013, when Bitcoin was priced at $134, according to CoinGecko data. With Bitcoin’s value at press time, the combined amount transferred is now worth 456 times more than their acquisition price, at $61.2 million.

Blockchain analytics firm Lookonchain linked the inward and outward transfers, suggesting possible common ownership between the two wallets.

According to BitInfoCharts, addresses were jointly ranked 4,353rd largest Bitcoin Whales before this recent funds movement.

This isn’t the first time Bitcoin Whales have made large transfers after years of dormancy.

On May 6, 2024, a Whale moved $43.893 million worth of BTC to two wallet addresses. One transaction involved the transfer of 625.42 BTC, valued at $41 million, while the other involved the transfer of 61.9 BTC, equivalent to approximately $2.89 million at the time.

This particular Whale had remained inactive for over 10 years after initially receiving the Bitcoin on January 12, 2014, when the cryptocurrency traded at $917 per coin.

Similarly, on April 15, 2024, another dormant Whale wallet became active for the first time in almost 14 years. The Whale moved 50 BTC to Coinbase, marking a profit of over $3 million on coins that were once worth less than a penny each.

In another instance, on March 25, Blockchain investigator firm Arkham Intelligence announced that the “fifth-richest Bitcoin Whale” moved 94,504 BTC worth $6.05 billion, allocating $5.03 billion, $561.46 million, and $488.40 million worth of BTC to three new wallet addresses.

Some crypto traders and enthusiasts believe these awakenings are likely associated with early miners or buyers trying to make a profit, even as some experts like Robert Kiyosaki have advocated increased investment in Bitcoin. Meanwhile, others are cautious about the impact of such large transactions on the market.

$121B Worth of BTC Held in 1.7M Dormant Bitcoin Wallets

According to a Fortune report, approximately 1.75 million Bitcoin wallets have been completely inactive for a decade or more, collectively holding 1,798,681 BTC, valued at about $121 billion.

The rise of dormant wallets can be attributed to Bitcoin’s price history. In its early days, the cryptocurrency was nearly worthless, only surpassing the $1 mark in 2011.

As a result, many individuals who received Bitcoin may have forgotten about it or failed to secure the private keys required to access their wallets. This lack of key security was especially prevalent before 2012, when services like Coinbase, which now manages private keys on behalf of users, were not yet established.

Nevertheless, Bitcoin is currently priced at $63K, recording a surge of 134.75% over the last 12 months, which adds another layer of intrigue to the crypto industry, with the awakening of dormant wallets contributing to the overall narrative.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.