A wallet moved over $30 million worth of Bitcoin (BTC) from an old wallet that had been dormant since 2011. According to Ash Crypto, a well-known crypto enthusiast, the owner of this wallet had held onto their BTC through the cryptocurrency’s price journey from a mere $2 to $61,000.
This phenomenon of long-dormant Bitcoin wallets resurfacing is not an isolated incident. Chainalysis and Fortune conducted a study that revealed approximately 1.75 million Bitcoin wallets, many of which have been inactive for a decade or more, currently hold 1,798,681 BTC, valued at around $110 billion as of mid-May 2024.
These ‘lost’ coins account for about 8.5% of the total Bitcoin supply of 21 million, with 93% of the total supply already mined.
Insights into the Behavior of Dormant Bitcoin Wallets
According to the survey data, the resurfacing of old wallets will continue at a steady but slow pace until the number of lost Bitcoins becomes more or less fixed, possibly settling around 1.5 million.
On several occasions, Chainalysis has analyzed newly active wallets and found correlations between Bitcoin price changes and wallet activity within a given week, suggesting that the price movements in the market may motivate some dormant wallet owners to move their funds.
While some of these dormant wallets may have been lost or abandoned, others have become active due to dedicated ‘HODLers’ who have held onto their Bitcoins for extended periods.
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Show more +Show less – The Significance of Long-Term Holding in the Bitcoin Ecosystem
The reemergence of the 2011 Bitcoin wallet and the movement of $30 million worth of BTC highlight the importance of long-term holding in the cryptocurrency ecosystem. The owner of this wallet had held onto their BTC for over a decade, weathering the volatility of the cryptocurrency market and ultimately realizing substantial gains.
This event serves as a testament to the potential rewards of a long-term holding strategy, as well as the resilience of Bitcoin as a store of value. It is likely that more dormant wallets will resurface, with their owners potentially realizing notable profits.
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