Key Points
- A Bitcoin wallet that has been dormant for over 11 years has recently shown activity.
- Upon reactivation, 1,000 Bitcoin, approximately valued at $62.8 million, was transferred to two new wallets.
A Bitcoin wallet that had been inactive for more than 11 years has recently started showing signs of activity. This is one of the longest periods of dormancy that has seen new movement in recent weeks. The dormant wallet, known as “1EhXAfST”, was reported by Spot On Chain to have suddenly become active after 11.8 years of inactivity.
Details of the Transfer
Upon waking up, the wallet transferred 1,000 Bitcoin to two new wallets. At the time of the transactions, the value of the transferred coins was estimated to be around $60 million. However, with the current value of Bitcoin at $62,877.94, the transferred amount is now approximately worth $62.8 million.
The wallet received the Bitcoin on September 25, 2012, when the price of one Bitcoin was only $12.06. This means the entire holding was worth $12,100. Consequently, this 11.8-year dormant crypto wallet has made a profit of about 496,603.31%.
There have been several instances in the past two months where dormant Bitcoin wallets have been reactivated. This includes two addresses containing about 50 Bitcoin each, which were reactivated on July 12 after being dormant for over 10 years. Additionally, another old address containing 48 Bitcoin became active on July 8 after 13 years of inactivity.
Additional Wallet Reactivations
Days before these reactivations, a Bitcoin whale wallet, inactive for over a decade, transferred 1,004 BTC. This makes the wallet identified by Spot On Chain the second whale address with about 1,000 BTC to be reactivated this month.
In June, a dormant Bitcoin whale became active after five years of inactivity. It transferred 8,000 Bitcoin, worth $536.5 million, from a Coinbase cold storage wallet. The 8,000 BTC were accumulated in batches of 200 BTC.
Crypto analytics platform Lookonchain also noticed activity from a Bitcoin miner’s wallet that had been silent for the last 14 years. The wallet transferred 50 BTC to the leading cryptocurrency exchange Binance. The 50 Bitcoin units were obtained from the owner’s mining activity on July 14, 2010.
Such sudden activity on wallets, especially if they transfer funds to exchange deposit addresses, are usually an indication of a likely selling activity. Unfortunately, the large Bitcoin dumps, along with that of the German government, caused the price of BTC to drop significantly to as low as $52,000. It was only recently that the coin began to recover.
