Dormant Bitcoin Wallet That Remained Quiet For Three Years Makes a Massive $140M Move — What's Going On?

An inactive Bitcoin BTC/USD  address that had remained untouched for over three years on Sunday made a move, transferring approximately $140 million worth of BTC.

What Happened: PeckShieldAlert, a blockchain tracking firm, revealed on X that the dormant wallet, which held over 5,000 BTC, executed transfers to three different addresses.

This incident is part of a series of events in which long-dormant Bitcoin wallets have come to life in recent times. 

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: In a series of five transactions, the Bitcoin whale moved 199.99 BTC, worth over $5.4 million, followed by a transaction of 185.12 BTC, worth over $5 million. The transactions were made from different wallet addresses.

The substantial cache of Bitcoin that had been inactive since 2012 has abruptly come alive.

The third transaction had 97.41 BTC worth $2.6 million. A subsequent transaction saw the entity move 276.22 BTC worth over $7.48 million and a final one was made which had 151.15 BTC, worth over $4 million. In total, 24.48 million worth of BTC were moved from the address.

While the exact motives behind such moves remain uncertain, the crypto community continues to closely monitor and analyze these instances.

Price Action: At the time of writing, BTC was trading at $27,939.94, down 0.56% in the last 24 hours, according to Benzinga Pro.

Photo by Oier Aso on Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?