After 11 years: $22.5 million worth of Bitcoin moved from a long-dormant address
Date: 2024-11-04 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The user originally purchased the cryptocurrency for $135,628. Since then, the value of his investment has increased by about 166 times, demonstrating the impressive growth of Bitcoin in 11 years.
These cases are not isolated. In March of this year, another user moved 1,000 BTC mined back in 2010 and made around $68 million from selling it. Additionally, a group of 80 old addresses that had been dormant for around eight years moved 2,352.62 BTC, worth over $163 million.
March was a busy month, with a nearly 12-year-old address moving its 500 BTC to a new wallet, worth a total of $35 million. These moves continue to attract attention in the crypto community and raise questions about what might be motivating such long-term Bitcoin holders to sell their assets or move them to new wallets.
Earlier in January, analytics platform CryptoQuant reported significant transactions involving dormant wallets, recording the movement of 49,866 BTC that had been stored for over five years. Despite this, the coins were not sent to exchanges, indicating that the owners likely intended to simply update their storage addresses.
Also in June, a case was recorded where a miner who mined Bitcoins back in the Satoshi Nakamoto era sent 50 BTC mined 14 years ago to the Binance platform.
