Bitcoin Wallet Reactivated After 12 Years Moves 500 BTC

A dormant Bitcoin wallet for nearly 12 years has transferred its 500 BTC, valued at nearly $35 million, to multiple new addresses.
Bitcoin Wallet Reactivated After 12 Years Moves 500 BTC

Key Takeaways

  • A 12-year dormant Bitcoin wallet transferred 500 BTC, now worth nearly $35 million.
  • Recent notable movements include a consolidation of 2,000 bitcoins worth $140 million.
  • The fifth richest Bitcoin address moved $6 billion worth of bitcoin recently.

A Bitcoin wallet, inactive for almost 12 years, transferred its entire stash of 500 BTC to several new addresses.

The wallet received these bitcoins on July 14, 2012, when their value was less than $8 each, totaling under $4000.

Recent mysterious movements

This transfer is part of a series of notable Bitcoin movements.

Recently, an entity consolidated 2,000 bitcoins, received as mining rewards in 2010, into a single wallet.

These were initially worth about $600 but now value around $140 million. CryptoQuant’s CEO suggests such transfers might indicate a “sell-side liquidity crisis” due to demand from new spot Bitcoin ETFs in the US.

Other significant transfers

Additionally, the fifth most wealthy Bitcoin address recently moved $6 billion worth of bitcoin to three new addresses.

In January, an entity sent 26.9 bitcoins, worth $1.2 million at the time, from what seems to be Binance to the Bitcoin network’s genesis wallet, effectively burning those coins forever.

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