bitcoin address holding $60 million reactivates after being dormant for nearly 12 years

bitcoin address holding- After nearly 12 years, a bitcoin address with $60 million has suddenly become active

Bitcoin address holding- A dormant Bitcoin wallet containing 1,000 BTC, currently valued at over $60 million, transferred funds for the first time in nearly 12 years on Sunday, according to on-chain data.

The wallet received the Bitcoin 11 years and 9 months ago and hadn’t made any outgoing transactions until Sunday, when it sent the 1,000 BTC to a new address. Interestingly, this transaction was first broadcast on January 19, 2024, as shown by Blockchain.com data.

When the wallet was first spotted by the on-chain monitoring platform Whale Alert, it had received the Bitcoin when the value of the holdings was merely $12,100 according to historical price data. After holding the coins for nearly twelve years, the wallet has seen their value increase by roughly 500,000%.

The reason for the transfer remains unknown, as does the identity of the wallet’s owner. However, at the time the transaction was originally broadcast over the network, the holdings were worth about $41.6 million. Due to the delay between when the transaction was broadcast and when it was actually mined, the Bitcoin is now worth nearly $20 million more due to the increase in its price.

Recent Activity in Dormant Bitcoin Wallets

Just ten days ago, another wallet that had been dormant for over twelve years woke up and transferred nearly $7 million in funds. On May 12, 1,000 BTC worth over $60 million was moved for the first time in a decade. This followed a transfer of 687.33 BTC — worth over $44 million — that was also moved for the first time in 10 years, just a week earlier.

In March, the fifth richest address on the Bitcoin blockchain, which had been dormant since 2019, moved $6 billion. Additionally, another entity combined $140 million in bitcoin mined in 2010 into a single wallet during the same month.

In January, nearly 50,000 dormant bitcoins were reactivated less than a week after spot Bitcoin exchange-traded funds were approved in the United States.

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