Dormant Bitcoin Wallet Containing 1,000 BTC Reactivates After 12 Years

A long-dormant Bitcoin wallet containing 1,000 BTC worth over $60 million became active again on July 14 after 12 years of silence. 

According to on-chain data, the wallet received the coins in September 2012 and has remained dormant without making any outgoing transactions until now.

The transfer was first broadcast on January 19, 2024, but the actual transaction was completed more recently. The on-chain data monitoring platform whale alert transaction was the first to spot the wallet. However, the wallet’s identity remains unknown.

Bitcoin Wallet Activity Rises

The transfer benefited from Bitcoin’s rising value, which has added nearly $20 million to its worth since the initial broadcast in January. In 2012, when the wallet first received Bitcoin, the value of its holdings was merely $12,100.

Considering the current BTC prices, this reflects an astonishing increase of around 500,000%. The reasons behind this sudden transfer and the identity of the wallet’s owner remain mysterious, which continues to raise curiosity and speculation within the crypto community.

Interestingly, the event is part of a recent trend of long-dormant Bitcoin wallets springing to life. Just ten days before, another wallet that had been inactive for over 12 years transferred nearly $7 million.

💤 A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0

— Whale Alert (@whale_alert) July 4, 2024

In May, there were two other significant transactions from long-dormant wallets. One transferred 687.33 BTC worth over $44 million, and the other moved 1,000 BTC valued at over $60 million.

Additionally, in early March, one of the Bitcoin blockchain’s most affluent addresses, dormant since 2019, moved an astounding $6 billion. During the same month, an entity consolidated $140 million worth of BTC mined in 2010 into a single wallet.

Somebody just consolidated 2000 BTC from a bunch of coinbase rewards dating back to 2010.

Imagine hodling for 14 years as the value rockets from a few hundred dollars to $140 million 😳https://t.co/YsgcxUQHVO

— mononaut (tx/acc) (@mononautical) March 26, 2024

Notably, in January, almost 50,000 dormant bitcoins became active following the approval of spot BTC exchange-traded funds in the United States.

BTC Price Takes Bullish Turn

Amid the reactivation of long-dormant wallets, the Bitcoin market appears to be recovering from the bearish pressure over the past month. Bitcoin’s price fluctuations peaked over the weekend, reflecting diverse trends and a generally bearish sentiment among traders.

However, a recent price surge of over 8% has shifted the momentum in the bulls’ favor, anticipating the $70,000 mark. Despite this optimism, there is a tendency for significant resistance, which could slow their progress toward reaching new monthly highs.

Currently, long positions in Bitcoin are performing well, suggesting that the worst price volatility may be behind traders.

In addition, large investors, known as whales, seized the opportunity to accumulate Bitcoin at lower prices. They purchased over $4 billion in digital assets between July 4 and 10 as short-term traders sold off their holdings.

Despite last week’s price decline, Bitcoin appears poised to re-enter the post-halving reaccumulation range, positioning itself for a potential upward trend.

Undoubtedly, the market’s recent behavior highlights the ongoing battle between bullish and bearish forces. These events will likely affect Bitcoin’s price, dictating its trajectory in the coming days.