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Bitcoin Miner Addresses Dormant for 11 Years Suddenly Transfer $7,000,000 in BTC: On-Chain Data

June 05, 2024

A handful of Bitcoin miner addresses that have been dormant for more than 10 years suddenly transferred more than $7 million worth of BTC, according to on-chain data.

The crypto tracker Lookonchain reports that four miner addresses each earned 25 BTC through mining in 2013. After remaining dormant for 11 years, the miners transferred the combined 100 BTC out this week after the top crypto asset crossed $70,000 in price.

BTC is trading at $71,079 at time of writing and is up more than 2% in the past 24 hours.

Lookonchain also notes that a new Coinbase-funded wallet gobbled up a bunch of the Gamestop stock-inspired memecoin GME.

“Someone created a new wallet and spent 12,110 $SOL ($2 million) to buy 135 million GME at $0.0148 in one trade, becoming the 4th holder of GME.

What a crazy buy!”

The Solana (SOL)-based memecoin is trading at $0.00933 at time of writing and is down more than 35% in the past 24 hours but up nearly 130% in the past week.

The real GME on the New York Stock Exchange, the meme stock that exploded in 2021 causing hedge funds to lose large amounts of capital, jumped nearly 50% on Monday, going from $22.91 to $40.08. It has since largely retraced and was priced at $26.50 by the end of the trading day on Tuesday.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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