A Bitcoin wallet that had been dormant since 2014 suddenly woke up and moved over 174 Bitcoins worth over $102 million.
Blockchain data shows that a Bitcoin (BTC) wallet that received 174.88 BTC on January 8, 2014, first moved funds on August 16, 2024.
This move comes after a decade when Bitcoin’s price rose to $73,000 before falling back to its current levels.
Transaction cost
While Bitcoin’s initial value was around $142,000 in 2014, the incredible gains the leading cryptocurrency has seen since then mean that the price of 174.88 Bitcoin is now worth more than $10.2 million.
Blockchain tracker Whale Alert spotted this idle Bitcoin wallet activity on August 16.
The transaction fee for the transfer was 67,500 satoshi, or $39.43, which is quite low. However, for each Memory Set DetailsThis was still a 50x oversubscribed amount which resulted in the $10.2 million transaction being confirmed quickly.
In October 2018, the total contents of the wallet amounted to about $896,000, and it exceeded the $5 million mark in late January 2021.
According to data on blockchain explorer Blockchair, the addresses balance The current price is 0.00004226 BTC, which is equivalent to $2.50 at the current Bitcoin price of $59,300.
Bitcoin wallets wake up
The past few months have seen a surge in dormant Bitcoin addresses waking up to transfer millions of dollars worth of Bitcoin. It’s worth noting that Satoshi-era addresses — those containing coins mined in the first few months of Bitcoin creator Satoshi Nakamoto’s reign — have not been common.
However, the past few months have seen several dormant wallets suddenly move, including one that woke up after a 12-year slumber to transfer $6.9 million in bitcoin in July this year. Another wallet sent $3 million in bitcoin to Binance in June after being dormant for more than 14 years.
Whale Alert also spotted this other inactive wallet movement.
currently, There are about 18.3 million BTC in dormant Bitcoin wallets. BitInfoCharts Data It shows a sharp rise since January 2024, While the total number of inactive BTC wallets reached about 7.4 million coins.
In most cases, investors watch the movement of Bitcoin in dormant wallets as a potential source of new supply pressure on prices. Investors who rely on the “sell wall” often see prices struggling, leading to huge volatility.