In the latest Bitcoin whale activity, a dormant Bitcoin wallet containing 1,000 BTC — more than $60 million according to current prices — has jolted back to life. Onchain data revealed that the said wallet came into action some moments ago, after lying dormant for nearly 12 years.
The wallet, which originally received the Bitcoins 11 years and nine months ago, had never made a transaction until now. That is, according to blockchain data from Whale Alert, a platform that monitors large cryptocurrency transactions. However, the wallet has now transferred the entire 1,000 BTC to a new address, raising curiosity as to what may have been the motive for the sudden activity.
Experts Speculate on the Mystery Behind Bitcoin Whale Transactions
As of publication, neither the identity of the wallet’s owner nor the reason for the transfer has been uncovered. However, analysts may have a few calculated guesses. Particularly, in terms of why the wallet may have decided to wake from its deep sleep.
For what it’s worth, the total BTC holding was merely worth a measly $12,100 at the time it initially entered the wallet over a decade ago. With current prices, the value of the holding has surged by approximately 500,000%, currently standing at over $60 million. So, that much increase in value may just have awakened such holders looking to cash in on their investment.
Notably, this event is not an isolated one. Rather, it is part of a growing trend in which Bitcoin whales have been springing to life lately.
Some days ago, another wallet, similarly dormant for over twelve years, suddenly transferred around $7 million worth of BTC. That is not to mention others, also inactive for over a decade or more, that transferred amounts exceeding $60 million and $44 million in May.
Perhaps the most jaw-dropping transfer took place in March. That was when one of the richest Bitcoin addresses, dormant since 2019, initiated a monumental $6 billion transaction.
In January, nearly 50,000 dormant Bitcoin wallets woke up shortly after spot Bitcoin exchange-traded funds were approved in the United States. This suggests that regulatory clarity and market maturation may be encouraging holders to reassess their positions.
