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  • Wallets Dormant Since 2013 Abruptly Move Over $60,000,000 in Bitcoin (BTC) – Here’s Where the Crypto’s Headed

Wallets Dormant Since 2013 Abruptly Move Over $60,000,000 in Bitcoin (BTC) – Here’s Where the Crypto’s Headed

May 14, 2024

Two wallets that held a combined 1,000 Bitcoin (BTC) for more than 10 years have suddenly awoken from their slumber, according to on-chain data.

The crypto tracker Lookonchain notes that the first wallet received 500 BTC worth $62,000 on Sept 12th, 2013, when the price of Bitcoin was $124.

The second wallet received the same amount at the same price the following day.

After more than 10 years of dormancy, both wallets transferred out all of their holdings in a 20-minute span over the weekend. The Bitcoin troves were worth a combined $60.9 million, a staggering increase of 49,012.9%.

Data from the digital asset de-anonymizing platform Arkham indicates the crypto was sent to two newly created wallets. One of the addresses still holds 500 BTC, while the other one sent the Bitcoin through a series of other fresh wallets.

In April, Ki Young Ju, the chief executive of blockchain intelligence platform CryptoQuant, noted that newer crypto whales – or investors that his firm defines as holding at least 1,000 Bitcoin with an average coin age of less than 155 days – had accumulated nearly twice as much BTC as their long-term holder counterparts.

BTC is trading at $62,568 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.

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