Bitcoin Whale Moves $40M After 10 Years of Dormancy

In a significant event, a dormant wallet holding a substantial sum of Bitcoin recently initiated a transfer of 1,432.93 bitcoins, valued at approximately $37.8 million, to a new address. This move comes after more than a decade of inactivity, adding to a series of similar transfers witnessed in recent months.

On April 9, 2013, when the price of Bitcoin was a mere $195.40 per coin, the address received the Bitcoin in question, as highlighted by on-chain analyst Lookonchain. The fact that the wallet remained dormant for over ten years has drawn attention and sparked speculation regarding the motives and identity of the owner.

This transfer is not an isolated incident. In April, there were several notable movements of dormant whale addresses. On April 24, an address that had been inactive for 12 years transferred nearly $11 million worth of Bitcoin to another address. Just days before that, a separate whale address, dormant for nine years, transferred approximately $61 million worth of Bitcoin. Another wallet that had remained dormant for a decade made a transfer of 279 bitcoins.

Interestingly, the activity is not limited to Bitcoin alone. On the same day, April 24, an Ethereum address that had been inactive for 7.7 years, since the project’s initial coin offering, suddenly woke up and transferred a single ether. While the transfer amount may not be significant, it serves as another intriguing event in the realm of dormant addresses coming to life.

These movements of long-dormant wallets have prompted speculation among cryptocurrency enthusiasts and analysts. Questions arise regarding the motives behind these transfers after such prolonged periods of inactivity.

The identity of the wallet owners, their intentions, and the potential implications for the cryptocurrency market as a whole remain topics of discussion.

Image Credit: Shutterstock