Bitcoin wallet wakes up after 12 years of dormancy and moves 500 coins

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A Bitcoin wallet inactive for almost 12 years transferred its 500 whole BTC

-4.20%

– worth just under $35 million at current prices – to several new addresses.

The wallet initially received 500 bitcoins on July 14, 2012 – worth less than $4,000 at the time – when the price of bitcoin was below $8, as note by Lookonchain.

The identity of the person or entity behind the Bitcoin transfer remains unknown, as does the reason for the transfer.

Recent and Notable Bitcoin Transfers

Yesterday’s mysterious Bitcoin move follows an even more interesting move from earlier this week, when an individual or entity who received 2,000 bitcoins as a mining reward in 2010 consolidated them into a single wallet.

At the time these blocks were mined, the rewards were worth a total of around $600. Today, that amount is worth around $140 million, according to The Block’s Bitcoin Price page.

Some industry players, like CryptoQuant founder and CEO Ki Young Ju, believe such moves indicate “a sell-side liquidity crisis” potentially brought on by demand for new Bitcoin spot exchange-traded funds in the United States. United.

Last weekend, another notable move occurred on the Bitcoin blockchain: the fifth richest Bitcoin address transferred $6 billion worth of Bitcoin to three new addresses.

Earlier this year, in January, a person or entity sent 26.9 bitcoins, worth $1.2 million at the time, from what appears to be Binance to the Bitcoin network’s Genesis wallet, burning thus the pieces forever.

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About the Author

Adam is editor-in-chief for Europe, the Middle East and Africa. He is based in Central Europe and was an editor and podcast host at crypto exchange OKX’s former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he grew into one of the leading crypto media brands during his peak as editor-in-chief. Previously, he was the editor-in-chief of Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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