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2 dormant Bitcoin wallets from 2011 move $4.7 million after 13 years

GrafaGrafa2024/08/26 06:55
By:Mahathir Bayena

Two Bitcoin (CRYPTO:BTC) wallets that had been inactive for over 13 years have suddenly sprung to life, moving a total of 75 BTC, valued at approximately $4.7 million.

This rare activity occurred as Bitcoin's price hovered just below the $64,000 mark, making these transactions particularly noteworthy given the infrequency of such events involving early Bitcoin holdings.

These wallets, both created on February 8, 2011, executed their first transactions in more than a decade on August 25, 2024, at block height 858,324.

The first wallet, identified as “1EySSG,” transferred 10.41 BTC, splitting the amount into two transactions of 9.41 BTC and 1 BTC.

Simultaneously, another wallet, “1L8SX,” moved 64.59 BTC, also dividing the funds into two separate transactions of 63.59 BTC and 1 BTC.

All the transferred funds were subsequently consolidated into a Bech32 or native segregated witness wallet, identified as “bc1q7.”

This type of wallet is known for its enhanced security features and lower transaction fees, which may suggest that the owner is preparing for future transactions or simply modernising their storage.

The reawakening of these 2011 Bitcoin wallets stands out as a significant event in the cryptocurrency world, where most dormant wallet activities are from more recent years, such as 2013 to 2017.

Transactions involving Bitcoin from 2009, 2010, or 2011 are becoming increasingly rare.

The last notable awakening from 2010 occurred on July 16, 2024, when 10 BTC was moved from a wallet created that year.

In contrast, 2009 wallets have not seen any activity since 2020.

At the time of reporting, the Bitcoin (BTC) price was $64,018.72.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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