More than 11-Year Dormant Bitcoin Wallet Gets Reactivated

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As a seasoned cryptocurrency analyst with over a decade of experience in blockchain analysis and digital asset market trends, I find the recent spate of dormant Bitcoin wallet activations to be both intriguing and concerning. My professional journey began during the early days of Bitcoin when 1,000 BTC was worth just $12,060. The latest news about a wallet that had been inactive for over 11 years suddenly transferring 1,000 BTC (worth approximately $62.8 million) to two new wallets is a stark reminder of the volatility and potential rewards that come with investing in this nascent market.

A Bitcoin (BTC) wallet with the label “1EhXAfST,” which had been inactive for over 11 years, has recently become active on the blockchain. This is an unusually long period of dormancy that has only been surpassed by a few other wallets in the past few weeks. According to blockchain analysis firm Spot On Chain, this previously dormant wallet has shown signs of life once again.

1000 BTC Transferred from Dormant Wallet

As an analyst, upon reactivating old Bitcoin wallets, I discovered that 1,000 coins were moved to two newly created ones. The value of these coins stood around $60 million at the time of transfer. However, since then, Bitcoin has experienced a 4.64% surge within the last 24 hours, pushing its current worth up to $62,877.94. Consequently, the transferred Bitcoin from the previously inactive wallet is now equivalent to approximately $62.8 million based on the current market value.

Just over 4 hours ago, the inactive wallet identified by the address “1EhXAfST” became active again after a long slumber of approximately 11.8 years. It then transferred a significant amount of $60 million worth of Bitcoin (1,000 BTC) to two newly created wallets.
The wallet received those $BTC on Sep 25, 2012, when the price was only $12.06 ($12.06K).
Watch out for more #Bitcoin updates by following @spotonchain and setting…
— Spot On Chain (@spotonchain) July 15, 2024

Significant: On September 25, 2012, when Bitcoin found its way into this digital wallet, it was still relatively unknown and had yet to gain widespread acceptance. Each Bitcoin unit was valued at approximately $12.1 back then, making the entire holding worth just $12,100. However, this dormant crypto wallet, untouched for over 11 years, now boasts a staggering profit of around 496,603.31%.

Over the past two months, several inactive Bitcoin wallets have come to life once more. Two of these wallets, holding around 50 Bitcoin each, became active on July 12 after a decade-long slumber. Additionally, an old wallet with a balance of 48 Bitcoin showed signs of activity on July 8 for the first time in 13 years.

Approximately two days prior, an inactive Bitcoin wallet holding 1,004 BTC, which had been dormant for over a decade, made a significant transfer. This recently identified wallet is now the second largest Bitcoin wallet, with approximately 1,000 BTC, to become active this month.

More Dormant Bitcoin Whale Wallets Registers Activity

In June, a Bitcoin wallet that had been inactive for five years suddenly became active. This dormant account, known as a “Bitcoin whale,” moved 8,000 Bitcoins worth approximately $536.5 million from a cold storage wallet on Coinbase. According to information provided by blockchain analysis firm Arkham Intelligence, the recipient address “1ABww1…mCSKq” has received a total of 8,000 Bitcoins since block 847,490. These 8,000 Bitcoins were accumulated in smaller transactions of 200 Bitcoins each.

Lookonchain, a cryptocurrency analysis platform, recently identified a Bitcoin miner’s wallet that had been inactive for the past 14 years. This wallet became noticeable when it transferred 50 Bitcoin (BTC) to Binance, the leading cryptocurrency exchange, on July 14, 2021. Importantly, the BTC units moved were mined by the owner back in 2010.

Sudden spikes in wallet activity, particularly transactions directed to cryptocurrency exchange deposit addresses, often signal impending selling behavior. Regrettably, the massive Bitcoin sell-offs by “whales” and the German government combined resulted in a substantial price drop, pushing BTC down to as low as $52,000. The coin has only recently started showing signs of recovery.

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2024-07-15 13:24