More than $60 million in Bitcoin (BTC) moved for the first time in 10 years

More than $60 million worth of Bitcoin was transferred from a dormant wallet that had been inactive for more than a decade.

This transfer, which took place yesterday, included a movement of 1,000 BTC, worth $62.8 million at current prices.

$62.8 million worth of BTC moved in dormant addresses

According to on-chain data, two Bitcoin wallet addresses that have been dormant since September 12, 2013 have moved a total of 1,000 BTC, worth more than $62.8 million at current prices. The moves occurred in succession, with one address sending 500 BTC ($31.4 million) at 9:46 a.m. UTC, followed by a second identical address just 20 minutes later.

These wallets each received 500 BTC in 2013, when Bitcoin was trading at around $124. It was worth about $62,000 at the time. Fast forward to today, and the price of Bitcoin has reached nearly $63,000, according to data from CoinGecko, and the value of transferred wealth has soared more than 500 times over the past decade.

The funds from the first wallet have been further split and sent to additional addresses, but the funds from the second wallet have not yet been moved elsewhere. The reason behind these transfers remains unknown, as well as the identity of the wallet owner.

However, the similarity in the amount transferred and the closeness of the transactions suggests a potential connection between the two addresses.

Recent Bitcoin whale movements

This recent event is not an isolated incident in the cryptocurrency space. Earlier this year, a Bitcoin whale that had been dormant for 14 years moved 2,000 BTC (worth $140 million). This transfer included 40 sets of mining rewards consisting of 50 BTC each, which he had accumulated in one wallet over a period of 10 years.

This behavior of dormant Bitcoin is becoming increasingly common. Last week alone, 687.33 BTC, worth over $44 million, moved for the first time in 10 years. In March, the fifth richest address on the Bitcoin blockchain, which had been dormant since 2019, transferred assets worth $6 billion to three new wallets. The move comes against the backdrop of increased interest from institutional investors as the price of Bitcoin exceeds $70,000.

In January, less than a week after spot Bitcoin exchange-traded funds were approved in the US, nearly 50,000 dormant BTC became active, raising potential correlation between regulatory developments and dormant activity. suggested that there was a relationship.