Key Points:
Bitcoin wallet was inactive for 11 years transferred over 1,037 BTC, worth $31M at a Bitcoin price of $29,956.
The dormant address acquired the 1,037 BTC in April 2012 when Bitcoin’s price was only $4.92.
Over 55% of BTC has not moved in over two years, indicating long-term investment.
Bitcoin wallet that has been inactive for over 11 years recently transferred its entire stash of over 1,037 BTC, which is currently worth $31 million.
The transfer was made at a Bitcoin price of $29,956 and was recorded at block height 799701 on July 22, according to BitInfoCharts. Interestingly, the wallet address that received the transfer seems to be a fresh one, indicating that the owner may be a new player in the cryptocurrency market.
A BTC whale that has been dormant for 11 years transferred all 1,037.42 $BTC($37.8M) to a new address"bc1qtl" an hour ago. The whale received 1,037.42 $BTC($5,107 at that time) on Apr 11, 2012, when the price was $4.92.https://t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8
— Lookonchain (@lookonchain) July 22, 2023
The dormant address acquired the 1,037 BTC back in April 2012 when BTC’s price was only $4.92. At the time, the stash was only worth around $5,108. This means that the owner has benefited greatly from the surge in Bitcoin’s price over the years.
The US government has also been involved in some significant cryptocurrency transfers recently. On July 12, it transferred out nearly 10,000 BTC, worth $299 million, in a series of transactions related to the Silk Road seizure. It is not yet clear whether the transactions were sent to cryptocurrency exchanges or if they remain in the custody of the Justice Department.
In June, another mysterious Bitcoin whale moved 1,400 BTC, worth $36 million at the time, to a Pay-to-Taproot (P2TR) address. The motive behind this transaction remains unclear, but some experts believe it may have been to enhance privacy.
Despite a few high-value transfers, over 55% of BTC has not moved in over two years, according to a chart by on-chain analytics firm Glassnode, which was shared by cryptocurrency researcher Will Clemente. This indicates that a significant amount of Bitcoin is being held as a long-term investment, and investors are confident in its future growth potential.
Dormant Bitcoin is the best #BitcoinBy @WClementeIII https://t.co/RwcCWOdIod
— Miklos Denkler (@MiklosDenkler) July 23, 2023
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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