A Bitcoin wallet that had been dormant since 2014 suddenly woke up and moved 174 bitcoins worth more than $102 million.
Blockchain data showed that Bitcoin (Bitcoin) The wallet that received 174.88 BTC on January 8, 2014, moved funds for the first time on August 16, 2024.
The transfer comes after a decade, during which the price of Bitcoin soared to highs of $73,000 before retreating to current levels.
Transaction cost
While BTC was initially worth nearly $142,000 in 2014, the astonishing gains the flagship cryptocurrency has seen since then mean that the 174.88 bitcoins are now worth over $10.2 million.
Blockchain tracker Whale Alert detected this dormant Bitcoin wallet movement on August 16.
The transaction fee for the transfer was 67,500 satoshis, or $39.43, which is considerably low. However, for mempool detailsThis was still a 50x overpayment that allowed the $10.2 million transaction to be confirmed quickly.
As of October 2018, the wallet’s holdings totaled approximately $896,000 and crossed the $5 million mark by the end of January 2021.
According to data from blockchain explorer Blockchair, the addresses balance It currently sits at 0.00004226 BTC, worth $2.50 at the current Bitcoin price of $59,300.
Bitcoin Wallets Are Waking Up
In recent months, there has been an increasing frequency of dormant Bitcoin addresses waking up to move millions of dollars worth of BTC. Notably, Satoshi-era addresses (those containing coins mined in the early months of Bitcoin creator Satoshi Nakamoto’s era) have not been common.
However, in recent months we have seen several dormant wallets suddenly move, including one that woke up after a 12-year hibernation. transfer $6.9 million in BTC Another wallet was sent in July of this year. $3 million in BTC for Binance in June, after being inactive for more than 14 years.
Whale Alert also detected this other latent wallet movement.
At the moment, Approximately 18.3 million BTC are held in inactive Bitcoin wallets. BitInfoCharts data shows a strong increase since January 2024, In total, dormant BTC wallets contained around 7.4 million coins.
In most cases, investors look at the movement of BTC into dormant wallets as potential sources of new supply pressure on prices. Sell-wall investors often see prices struggle, resulting in massive volatility.
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