The anonymous crypto whale moved digital assets to its wallet when Bitcoin was worth less than $5.
A Bitcoin wallet, inactive for the past 11 years, has abruptly initiated a transaction. It transferred all its stored assets - more than 1,037 Bitcoin (BTC), worth around $31 million.
Bitcoin's value stood at $29,956 when the transfer occurred. According to BitInfoCharts, the transaction was confirmed at block height 799701, around 10:51 am UTC on July 22nd.
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According to the Lookonchain data, on April 11th, 2012, the long-dormant crypto wallet received 1,037 Bitcoin when the price of the largest cryptocurrency in terms of market cap was a mere $4.92. Therefore, the stash's value at the time of the first transfer was approximately $5,108.
As per data from Blockchair, a blockchain aggregator, a new wallet, tagged as “bc1qt180…,” was the inheritor of this $31 million transfer.
When Bitcoin reached its highest recorded value of $69,044 on November 10th, 2021, the dormant wallet's balance spiked to an impressive $71.6 million.
In recent times, one of the most substantial Bitcoin transfers has been made by the US government. On July 12th, it moved nearly 10,000 Bitcoins (around $299 million) associated with the Silk Road seizure. It is not yet clear whether these transactions were routed to cryptocurrency exchanges or remain under the control of the Justice Department.
Despite such large-scale transactions, data shows that over 55% of Bitcoins have remained untraded for more than two years.
At the time of writing, Bitcoin retails for $29,865, recording an almost 1% decrease in the last 24 hours. Although the value has surged by over 80% in 2023, it still lags by around 57% from its record high in November 2021.
The event represents an intriguing moment in the world of Bitcoin, demonstrating the potential for massive value growth over extended periods of dormancy.
