On May 11, 2023, a long-inactive bitcoin wallet suddenly awoke and transferred 139.7 bitcoin worth $3.7 million. The address, established on June 19, 2011, has contributed to this year’s total of 1,125.37 bitcoin moved from dormant 2010 and 2011 wallets.
139.7 Bitcoin Worth $3.7 Million Suddenly Moves From Idle Wallet
A vintage wallet created on June 19, 2011, experienced a surprising burst of activity on May 11, 2023, as it transferred 139.7 bitcoin, equivalent to $3.7 million at the time of transfer. The website Btcparser.com flagged this unusual activity, which can be confirmed at block height 789,291 by 8:14 p.m. (UTC) on the specified date. Prior to this event, the last 2011 bitcoin transfer from a dormant wallet occurred on April 24, shifting 400 BTC at block height 786,801. As of May 12, 2023, at 9:00 a.m. (ET), the wallet that received the 139.7 bitcoin still possesses the funds.
Throughout 2023, inactive wallets from both 2010 and 2011 have collectively transmitted a staggering 1,125.37 BTC valued at approximately $30 million under current bitcoin exchange rates. The address responsible for dispatching the aforementioned 139.7 BTC initially received a slightly smaller sum of 134.669 BTC back on June 19, 2011. By July 13 of the same year, this wallet accumulated another batch of coins amounting to 5.04 BTC, followed by several minuscule deposits referred to as “dust transactions,” which totaled around 0.00000547 BTC each.
The recent transaction involving the transfer of 139.7 BTC received a moderate privacy score of 45 out of 100, according to Blockchair’s privacy-o-meter tool. However, this transaction faces two issues: its complete balance was communicated to another address, and multiple iterations of the same address appeared in inputs. These problems are not severe, but they can be traced by monitoring applications that examine linked transactions. In addition, the corresponding bitcoin cash (BCH) associated with the wallet has not been spent.
It is worth noting that the recent transaction of 139.7 BTC was not the first time this long-dormant wallet experienced a burst of activity. On June 19, 2011, just over a decade ago, the wallet first received a deposit of 134.669 BTC. Subsequent deposits were made to the wallet, with the most recent occurring on July 13, 2011, adding an additional 5.04 BTC to its balance.
This revival of an idle wallet not only highlights the growth in the value of bitcoin over the years but also serves as a reminder of the vast number of dormant wallets in existence. As the price of bitcoin continues to fluctuate, it will be interesting to see if more inactive wallets resurface, signifying renewed interest in the cryptocurrency market. Moreover, the significant amount of funds moved in these transactions emphasizes the potential impact of long-dormant wallets on the overall cryptocurrency market.
In conclusion, the sudden activity of a long-dormant bitcoin wallet transferring a substantial 139.7 BTC, equivalent to $3.7 million at the time, represents an intriguing development within the cryptocurrency market. The year 2023 has witnessed a series of similar events, with inactive wallets from 2010 and 2011 amassing a total of 1,125.37 BTC, valued at around $30 million. Monitoring the movement of these long-forgotten bitcoin wallets will be crucial in observing the potential effects on overall market dynamics. The question remains whether this awakening of a dormant wallet will remain an isolated incident, or a precursor to a potential resurgence in the cryptocurrency market.
