After more than 11 years of inactivity, a dormant Bitcoin address containing $31 million in BTC has suddenly surfaced. On July 22, 2023, the address Transfer Full credit to a new address.
Early BTC address is coming back to life
Bitcoin has been around since 2009, so there are dormant addresses that have been inactive for years that hold large amounts of BTC. Some of the early users of this cryptocurrency were able to buy very cheaply but the private keys to many of these addresses were lost, locking them out forever. Every once in a while, some of these titles suddenly come back to life as the owner gets his money back appraisal back.
The address here was one of the oldest Bitcoin addresses. According to on-chain data, it received its first transaction of 1037 BTC in November 2012. At that time, the price of each BTC was sold for just $12.41. She then received regular small deposits of BTC over the years. With bitcoin now at $29,828, this puts the total price at just over $31 million.
💤 💤 💤 💤 Idle address containing 1037 #BTC (31,080,234 USD) just activated after 11.3 years!https://t.co/6cW9vnTOhD
– whale alert (whale_alert) July 22, 2023
There are a handful of possibilities why the owner could have suddenly moved that money after all this time, from regaining control of the private keys to cashing out and turning a profit. Whatever the reason, the sudden awakening of dormant Bitcoin addresses has the potential to cause a stir and generate interest in the Bitcoin community.
BTC price remains below $30,000 | Source: BTCUSD on Tradingview.com
Implications for the Bitcoin price
When a large amount of Bitcoin moves suddenly, it can cause temporary fluctuations in the price. An immediate sale of the asset can lead to a drop in the market price of Bitcoin. However, these effects are often short-lived. In the long term, an increase in the circulating supply is not likely to significantly affect the price of Bitcoin due to the rapid rate of adoption.
Dormant BTC addresses have also appeared rapidly this year. Back in May, a similar address holding 1,000 BTC that had been dormant for over 11 years moved 400 BTC to a new wallet. In February, a BTC address that had been dormant for 11 years came back to life moving $9.6 million worth of BTC.
These examples show that even if an address has been idle for a long time, there is always the possibility that money will move again. However, many of these titles seem to be lost forever. according To IntoTheBlock, about 29% of the total circulating supply of Bitcoin is now presumed lost forever after being stagnant for more than five years.
Featured image from iStock, chart from Tradingview.com
