A dormant Bitcoin address holding around 119 BTC (roughly $6.8 million) has stirred into activity after more than 12 years of inactivity. This remarkable event sheds light on the longevity and resilience of the Bitcoin network, as well as the potential value that can lie dormant in forgotten wallets.
The Reawakening
The Bitcoin address in question last sent funds on February 28, 2012, when the balance was worth a mere $600. However, on Thursday morning, an initial transfer of around 76 BTC ($4.4 million) was made, followed by the remaining 43 BTC ($2.5 million) being sent to a new address. The reason behind this transfer remains a mystery, but the onchain data suggests the owner is consolidating the funds into a single new wallet.
“The Bitcoin address last sent 2.98 BTC ($15 at the time) on Feb. 28, 2012, when the 119 BTC balance was worth just $600.”
💤 A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0
— Whale Alert (@whale_alert) July 4, 2024
Bitcoin’s Explosive Growth
The value of the Bitcoin held in this dormant address has skyrocketed since 2012, rising more than 11,000 times in value. This underscores the remarkable appreciation of the premier cryptocurrency, which has seen its price surge from around $600 per BTC in 2012 to the current trading price of around $57,242.
Recent Whale Movements
This reawakening of a long-dormant Bitcoin address is not an isolated incident. Over the past year, several other significant whale movements have been observed, including the transfer of 1,000 BTC worth over $60 million in May and the consolidation of $140 million in Bitcoin mining in 2010 in March.
These events serve as a reminder of the ongoing activity and evolution within the Bitcoin ecosystem, as well as the potential for dormant wallets to hold substantial value that can be unlocked at any time.
