Dormant Bitcoin Whale Awakens After 14 Years, Moves $469.8 Million Worth of BTC

A long-dormant Bitcoin (CRYPTO: BTC) whale has resurfaced after more than 14 years of inactivity, moving a whopping $469.8 million in Bitcoin, as per recent on-chain data.

What Happened: A dormant Bitcoin whale wallet sprung back into action after an approximately 14.5-year hiatus.

Blockchain tracking platform Lookonchain disclosed that the whale moved Bitcoin valued at nearly $469.8 million, having been inactive since its last transaction on January 15, 2011.

During this period, the price of Bitcoin soared from about $0.393 to $118,561, marking a remarkable gain of at least 30,168,093%. The whale had accumulated the Bitcoin over two days starting on January 13, 2011.

Prior to moving the enormous Bitcoin stash, the whale executed a test transaction for $218. Despite the wallet’s inactivity for over 14 years, it may have been subjected to dusting attacks.

These attacks involve sending minuscule amounts of Bitcoin to a specific address in an attempt to de-anonymize the wallet owner.

Also Read: Decade-Old Bitcoin Whale Emerges, Transfers $207.51 Million BTC With Nearly 112,000% Profit

This resurgence comes less than a month after two addresses made headlines by moving 80,000 BTC after being dormant since April 2011. At that time, Coinbase director Conor Grogan suggested that the addresses could have been recipients of Bitcoin stolen following a hack.

Earlier this week, crypto analytics platform Santiment reported a minimal drop in Bitcoin whales holding over 1,000 BTC amid a slight decrease in the price of BTC.

Why It Matters: The awakening of this Bitcoin whale after such a long period of dormancy has sparked intrigue in the crypto community.

The significant movement of Bitcoin by dormant addresses can often lead to speculation and volatility in the market. The fact that this whale accumulated Bitcoin when it was worth less than a dollar and held onto it through numerous market cycles is a testament to the long-term belief in the value of Bitcoin.

This event also highlights the potential risks associated with dusting attacks, reminding Bitcoin holders to remain vigilant about their wallet security.