According to Lookonchain's latest findings, a wallet that had been dormant for 10.3 years suddenly came back to life, transferring all 687.33 Bitcoins (worth about $44 million) on May 6th.
The wallet in question received 687.33 BTC, worth $630,000 at the time, on January 12, 2014, when the price of Bitcoin was $917, and interestingly, when Satoshi Nakamoto was still on the scene.
Bitcoin wallet from the Satoshi era is back
Such transfers of funds from wallets that have been dormant for 10 years often spark curiosity within the cryptocurrency community.
As identified by an on-chain tracking platform, the wallet split its holdings and sent 625.43 BTC to addresses starting with bc1qky and the remaining 61.9 BTC to bc1qdc. This activity, particularly during the Satoshi era, has led to speculation about its origins. Some believe that wallets from this era may be associated with Bitcoin's creators.
Despite theories linking these wallets to Satoshi, experts suggest that these wallets likely belong to early miners or investors looking to take advantage of Bitcoin's recovery. .
Over the past week, BTC has rallied around 4%, reaching around $65,500 before another retracement. This transfer therefore raises concerns of a potential sell-off and perhaps signals a move to offload Bitcoin reserves on a large scale.
Bitcoin whale movement that has been dormant for 10 years, in 2024
When the price of Bitcoin soared above $70,000 in early 2024, the crypto market woke up several sleeping whales. One such company, which had amassed around 4,300 BTC at an average price of less than $30 a decade ago, made its first transfer in more than a decade, transferring 246 BTC worth nearly $17 million in the first week of April. was moved.
With an average purchase price of $29.39 in 2013, this whale's return on investment (ROI) was a whopping 230,000%.
During the same period, another whale bought around 114 BTC (worth $7.85 million), joining the recent buying spree that has amassed 1,308 BTC since March 6th.
A recent study conducted by Fortune and Chainalysis found that there are approximately 1.75 million Bitcoin wallets that have been unused for more than 10 years. A total of 1,798,681 Bitcoins were stored at these addresses, worth approximately $121 billion as of mid-March. Notably, these “lost” coins account for approximately 8.5% of Bitcoin's total supply of 21 million coins, with 93% of the total supply already mined.
Although the fate of many dormant wallets cannot be determined with precision, the forgetting of private keys can lead to their loss, especially in the period before 2012 when Bitcoin had little value and good key management practices were not in place. A significant portion may be lost forever. Not very common.
