A Bitcoin wallet that has been dormant since 2014 suddenly moved over 174 bitcoins worth more than $102 million. Blockchain data revealed that the Bitcoin wallet, which received 174.88 BTC on January 8, 2014, moved funds for the first time on August 16, 2024. This transfer comes after a decade, during which Bitcoin’s price soared to highs of $73,000 before retreating to current levels.

Transaction Details

While Bitcoin’s initial value was nearly $142,000 in 2014, the significant gains the flagship cryptocurrency has seen since mean that the 174.88 bitcoins are now worth more than $10.2 million. Blockchain tracker Whale Alert noticed this dormant Bitcoin wallet movement on August 16.

💤 💤 A dormant address containing 174 #BTC (10,162,306 USD) has just been activated after 10.6 years (worth 142,600 USD in 2014)!

The transaction fee for the transfer was 67,500 satoshis, or $39.43, which is considerably low. However, based on mempool details, this was still an overpayment of 50x, which saw the $10.2 million transaction confirmed quickly.

Historical Value

In October 2018, the wallet’s holdings totaled about $896,000 and crossed the $5 million mark in late January 2021. According to data on blockchain explorer Blockchair, the address’s balance currently stands at 0.00004226 BTC, worth $2.50 at the current Bitcoin price of $59,300.

Recent Trends in Dormant Wallets

The last few months have seen a rising frequency of dormant Bitcoin addresses waking up to move millions of dollars worth of BTC. It’s notable that Satoshi-era addresses — those holding coins mined in the first few months of Bitcoin creator Satoshi Nakamoto’s time — have not been common.

However, the past few months have seen multiple dormant wallets suddenly move, including one that woke up after a 12-year hibernation to transfer $6.9 million in BTC in July this year. Another wallet sent $3 million in BTC to Binance in June after being dormant for over 14 years.

💤 A dormant address containing 18 #BTC (1,091,325 USD) has just been activated after 10.3 years (worth 9,204 USD in 2014)!

Current Dormant Bitcoin Statistics

Currently, about 18.3 million BTC are in dormant Bitcoin wallets. Data shows a sharp rise since January 2024, when cumulatively, dormant BTC wallets held about 7.4 million coins.

In most cases, investors watch the movement of BTC in dormant wallets as potential sources of fresh supply pressure on prices. ‘Sell wall’ investors often see prices struggle, resulting in huge volatility.

Stay updated with the latest cryptocurrency news and trends on Global Crypto News.

Post Views: 5