Bitcoin Wallet from 2011 Moves $1.7M After 15 Years of Dormancy
A Bitcoin wallet that had been dormant for over 15 years has suddenly become active, moving 20.43 BTC, worth around $1.7 million. This wallet had acquired the coins in 2011, when the price of Bitcoin was between $3 and $4, for an estimated $70. The return on investment is a staggering 20,000 times the original amount.
The wallet's activity is not an isolated event. In recent weeks, several other wallets, some of which had been inactive for over 16 years, have also moved significant amounts of Bitcoin. On September 5, 12 wallets, each holding 50 BTC, sent out 600 BTC between them. Galaxy Research flagged four other wallets that shifted a combined 1,971.03 BTC over the following weeks.
Analysts are assessing whether Bitcoin's recent recovery has enough underlying demand to continue. Darkfost, a CryptoQuant analyst, warned that a rebound driven mainly by futures could become unstable if direct buying fails to strengthen. MorenoDV, another analyst, noted that the 90-day Buy/Sell Pressure Delta had recovered from negative territory, but remained below levels seen during stronger market expansions.
In related news, Santiment reported that wallets holding between 10 and 10,000 BTC added 41,025 BTC over a 10-day period, with their combined holdings reaching 13.64 million BTC, equivalent to 67.93% of Bitcoin's total supply.