Sleeping Bitcoin Wallet is moving on after 11 years, moving over $30 million

Inactive Bitcoins (BTC) the wallet that held over 1,037 Bitcoins — worth $31 million at current prices — suddenly woke up after 11 years of sleep, transferring all of its savings.

1037 BTC was transferred amidst the Bitcoin price of $29,956 and went into effect at block height 799701 — around 10:51 UTC on July 22, according to to BitInfoCharts.

Long inactive address earned 1,037 BTC on April 11, 2012, when the BTC price was only $4.92, on-chain analytics platform Lookonchain stated on July 22. This means that, at that time, the savings were only worth about $5,108.

Inactive BTC whales for 11 years transferred all 1037.42 $BTC($37.8 million) to the new address “bc1qtl” an hour ago.

The Pope received 1037.42 $BTC($5,107 at the time) on April 11, 2012, when it was priced at $4.92.

— Lookonchain (@lookonchain) July 22, 2023

Data from blockchain aggregator Blockchair show the wallet address “bc1qt180…” — which appears to be a new wallet — is the recipient of $31 million.

The original Bitcoin wallet balance peaked at $71.6 million when BTC hit an all-time high of $69,044 on November 10. according to to the CoinGecko cryptocurrency pricing platform.

The United States government has been one of the biggest BTC movers of late, having transferred nearly 10,000 BTC — $299 million — out in a series of transactions on July 12 in connection with the Silk Road seizure.

It is unclear whether transactions were sent to cryptocurrency exchanges or remain in the custody of the Department of Justice.

Wallet movements are more mysterious

On June 11, another mysterious Bitcoin whale moved 1,400 BTC — worth $36 million at the time — to a Pay-to-Taproot (P2TR) address. CryptoQuant CEO Ki Young Ju believe the motive behind this transaction may be to increase privacy.

Earlier in April, another Bitcoin address transferred 2,071 BTC — $60 million worth — nearly 10 years after capturing $663 worth of BTC, according to to Lookonchain.

Three months earlier, $250 million transfer of the 26,056 BTC created by other Bitcoin addresses. At an all-time high of BTC, that wallet is worth over $1 billion.

Related: Bitcoin’s tedious price action sparked buying interest in LINK, FIL, SNX, and THETA

Despite some high-value transfers, more than 55% of BTC has not moved in more than two years, according to a chart by on-chain analytics firm Glassnode, shared by cryptocurrency researcher Will Clemente:

Inactive bitcoins are the best #Bitcoins
By @WClementeIII

— Miklos Denkler (@MiklosDenkler) July 23, 2023

BTC is currently priced at 30,082. While Bitcoin price has increased 81.8% in 2023, it is still down 56.4% from its all-time high in November 2021, according to to CoinGecko.

Magazine: Hall of Flame: Wolf Of All Streets is concerned about the world where Bitcoin is reaching $1 million

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