Bitcoin Wallet Moves BTC Worth $31M After 11-Year Dormancy, Clocks More Than 600,000% Gains

A previously dormant Bitcoin BTC/USD wallet containing 1,037 BTC, equivalent to $31 million at current prices, has suddenly come to life after being untouched for over 11 years. The entire stash was transferred out, indicating a significant move in the cryptocurrency market.

What Happened: The transfer occurred when Bitcoin was trading at around $29,956 on July 22, as reported by BitInfoCharts.

According to the on-chain analytics platform Lookonchain, the 1,037 BTC was initially acquired on April 11, 2012, when the price of Bitcoin stood at a mere $4.92. At that time, the value of the stash was approximately $5,108. This sudden transfer to a fresh wallet address, identified as “bc1qt180…,” as per data from blockchain aggregator Blockchair, now holds the $31 million worth of Bitcoin, a gain of  606,418.36%.

Interestingly, the balance in the original Bitcoin wallet had reached its peak at $71.6 million during the cryptocurrency’s all-time high price of $69,044 on November 10, as reported by CoinGecko.

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Why It Matters: While the source and intentions of this dormant wallet remain unclear, it is worth noting that the United States government has made notable BTC transfers recently. 

On July 12, the government moved nearly 10,000 BTC, equivalent to $299 million, in a series of transactions related to the Silk Road seizure. However, it is yet to be determined whether these transactions were sent to cryptocurrency exchanges or remain under the custody of the Justice Department.

Price Action: At the time of writing, Bitcoin was trading at $29,774, down 0.24% in the last 24 hours, according to Benzinga Pro.

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