Bitcoin Address with $6.8 Million wakes up from Dormancy after more than 12 Years
On Thursday morning, it was reported that a Bitcoin wallet address that had 119 BTC, or approximately $6.8 million, suddenly came back to life after more than 12 years of dormancy.
💤 A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0
— Whale Alert (@whale_alert) July 4, 2024
Data from blockchain explorer Mempool indicates that at 7:11 a.m. UTC, a transfer of approximately 76 BTC ($4.4 million) was made. At 8:55 a.m. UTC, the address sent the final 43 BTC (2.55 million). However, the transaction is still pending confirmation as of this writing.
On February 28, 2012, when the 119 BTC balance was only worth $600, the address last sent 2.98 BTC ($15 at the time), according to on-chain monitoring platform Whale Alert on X. The identity of the wallet's owner and the reason for the transfer are still unknown. Onchain data, however, shows that the owner is consolidating the 119 BTC at a single new address. Considering the same transfer amounts and transactional proximity, it is likely that bitcoin still belongs to the same entity.
More Bitcoin (BTC) addresses have awakened from their long-drawn state of dormancy since the beginning of 2024. Less than a week after the United States approved spot bitcoin exchange-traded funds in January, nearly 50,000 dormant bitcoins came to life.
The fifth wealthiest Bitcoin blockchain address, dormant since 2019, moved $6 billion in March. $140 million in bitcoin that was mined in 2010 was also consolidated into a single wallet that same month by another entity.
Furthermore, for the first time in ten years, 1,000 BTC valued at over $60 million were transferred on May 12. It happened shortly after a week earlier, when 687.33 BTC, or more than $44 million, was sent for the first time in ten years.
One of the Bitcoin wallets that had stayed dormant for the longest was also resurrected a week ago. The on-chain tracker Lookonchain discovered on June 27 that a dormant Satoshi-era miner wallet had resurrected after 14 years of inactivity. This address was also used to send 50 BTC to the Binance cryptocurrency exchange. Additionally, a day earlier, a Bitcoin address that had been inactive for more than ten years was reactivated, according to a post made by Whale Alert on X. As can be seen, 43 Bitcoins ($2.5 million) were contained in the wallet.
It is reported that some crypto enthusiasts are expressing concern about the sudden reactivation of dormant bitcoin addresses containing large amounts of BTC.
Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.