500 BTC from Dormant Wallet Transferred After 12 Years

A Bitcoin wallet that lay dormant for nearly 12 years recently transferred its entire holding of 500 BTC, valued at just under $35 million at current rates, across multiple new addresses.

Originally receiving 500 BTC on July 14, 2012, when Bitcoin was valued at less than $8 each, the wallet’s contents were worth less than $4000 at the time, as reported by Lookonchain.

The identity of the individual or entity initiating this transfer remains undisclosed, leaving the reason for the action unknown.

This recent movement of Bitcoin follows another intriguing transfer earlier this week, where an entity or individual consolidated 2,000 bitcoins mined in 2010 into a single wallet. At the time of mining, the total value of these rewards amounted to roughly $600. Today, their value stands at approximately $140 million.

Speculation within the industry, including insights from CryptoQuant’s founder and CEO Ki Young Ju, suggests that such movements may signal a “sell-side liquidity crisis,” possibly driven by demand stemming from new spot Bitcoin ETFs in the United States.

Noteworthy Bitcoin blockchain activity continued last weekend when the fifth wealthiest Bitcoin address transferred $6 billion worth of bitcoin to three new addresses.

Earlier this year, in January, an entity or individual executed a transfer of 26.9 bitcoins, valued at $1.2 million at the time, from what seems to be Binance to the Bitcoin network’s genesis wallet, effectively removing these coins from circulation indefinitely.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.