In a surprising turn of events, a dormant Bitcoin (BTC) wallet, containing a staggering 1,037 Bitcoins, equivalent to $31 million at current prices, has suddenly awakened after 11 long years. The wallet’s anonymous owner made the initial purchase of BTC at a meager $4.92 per coin in 2011. However, he has experienced an incredible surge of over 600,000% in their investment.
The Awakening: Long-Dormant Bitcoin Wallet Makes a Move
At approximately 10:51 am UTC on July 22, the dormant wallet executed the momentous transfer amid a Bitcoin price of $29,956. Address “bc1qt180…,” seemingly a fresh wallet, became the recipient of the entire stash, now valued at $31 million.
The on-chain analytics platform further Lookonchain reveals that the wallet originally acquired the 1,037 BTC on April 11, 2012. This was back when each coin was worth a mere $4.92, totaling around $5,108.
Other Cryptocurrency Whales on the Move
Notably, this recent awakening is not an isolated incident in the cryptocurrency world. On June 11, another enigmatic Bitcoin whale transferred 1,400 BTC, valued at $36 million at the time, to a Pay-to-Taproot (P2TR) address. The motive behind this substantial transaction is speculated to be enhancing privacy, as suggested by CryptoQuant CEO Ki Young Ju.
Additionally, in April, a different Bitcoin address moved 2,071 BTC, valued at $60 million. This was nearly a decade after it was acquired at $663 each. Three months prior to that, a massive transfer of 26,056 BTC, worth a staggering $250 million, was made by yet another Bitcoin address. This, at one point, exceeded a net worth of $1 billion during BTC’s all-time high.
Government Involvement: The United States BTC Transfers
Adding to the intrigue, the United States government also made waves in the cryptocurrency space. This was with a series of transactions on July 12, transferring nearly 10,000 BTC, equivalent to $299 million. These transfers were linked to the infamous Silk Road seizure.
The destination of the funds remains uncertain. This further leaves questions as to whether they were sent to cryptocurrency exchanges or remain in the custody of the Justice Department.
BTC Stagnancy and Current Market Status
Despite these high-value transfers, a significant portion of BTC has remained static for over two years. This accounts for over 55% of the total supply. Glassnode, an on-chain analytics firm, shared a chart demonstrating this trend, highlighting the prevailing phenomenon of hodling within the cryptocurrency community.
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