Wallet that has been dormant for more than 10 years has transferred $43,9 million worth of bitcoins

The assets were valued at $630 000 at the time of receipt

06.05.2024 - 14:42

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3 min

What’s new? Lookonchain analysts have recorded a major transaction by one of the early bitcoin investors. On May 6, the address woke up after more than a decade of inactivity and transferred all of its 687 coins to two other addresses, totaling $43,9 million in transactions. The user received bitcoins on January 12, 2014, when the asset’s exchange rate was at $917 and its total value was around $630 000.

Source: Twitter.com

What else is known? According to a Fortune report, 1,75 million bitcoin wallets had been inactive for more than a decade as of the end of April. Many of them contain significant holdings that were purchased when the price of bitcoin was in double digits and are now valued in millions of dollars.

In total, these inactive wallets contain 1 798 681 BTC worth about $121 billion at the current exchange rate.

Over the past couple of years, a lot of “Satoshi era” wallets have come out of hibernation only to transfer bitcoins to new addresses. But some of them have moved their assets to crypto exchanges, suggesting their desire to lock in profits.

For example, early miners transferred more than 1000 BTC to US crypto exchange Coinbase in early March amid a surge in the exchange rate. They mined the coins more than 10 years ago, after which their wallets showed no activity.

The “Satoshi era” includes wallets that were created and received coins during the period when the creator of the first cryptocurrency Satoshi Nakamoto was still active on thematic forums. His last public message on the bitcointalk forum is dated December 12, 2010.

Last December, an unknown wallet transferred bitcoins worth $42,08 million to cryptocurrency exchanges and digital asset platforms after 13 years of inactivity. He mined the coins in 2010 when their value was 420 080 times lower.

In late March, an unknown person transferred $35 million worth of bitcoins for the first time in 12 years, during the time of inactivity of the address, the assets went up in value by 9186 times.

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