Dormant Bitcoin Wallet Transfers $35 Million Worth of BTC After 12 Years
A Bitcoin wallet that has been inactive for 11.7 years has suddenly sprung to life. The wallet has transferred its entire balance of 500 BTC, worth just under $35 million at current prices, to multiple new addresses.
Key points:
- The wallet received 500 Bitcoin on July 14, 2012.
- The price of BTC was less than $7.57 at that time.
- This makes the original value of the transaction less than $4,000.
- The identity of the individual or entity responsible for the Bitcoin transfer is unclear.
- The transaction follows the movement of $6 billion worth of BTC by the fifth largest Bitcoin address.
According to data provided by Lookonchain, a blockchain analytics platform, the wallet in question originally received 500 BTC on July 14, 2012, when the price of BTC was a mere $7.57.
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The transaction’s total value at the time was less than $4,000, a significant difference from its current value of nearly $35 million.
The motive behind the $35 million Bitcoin transaction remains unknown
The sudden movement of such a large amount of Bitcoin from a long-dormant wallet has sparked curiosity. This mysterious BTC transfer is just one of several notable movements that have occurred in recent weeks.
Last weekend, another remarkable transaction took place when the fifth largest Bitcoin address moved $6 billion worth of BTC to three new addresses. The scale of this transaction highlights the immense wealth that some early adopters and large-scale investors have accumulated via BTC.
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The movement of Bitcoin comes at a time when BTC has regained momentum and pushed itself above the $70,000 level. With Bitcoin halving in 20 days, BTC could likely create new highs, as predicted by different analysts.
