Dormant Bitcoin Wallet Stirs Back to Life, Transfers $1.7M in Coins
A long-dormant Bitcoin wallet has come to life after 15 years of inactivity. According to Onchain Lens, the wallet moved 20.43 BTC, worth approximately $1.7 million. The coins were initially acquired for an estimated $70 in May 2011, when the price of Bitcoin traded between $3 and $4.
The wallet's interaction with other addresses linked to Mt. Gox and Silk Road highlights its history as a significant player in early Bitcoin trading. Notably, the holder split the transferred coins into two separate transactions, with one containing 10.33 BTC (valued at around $863,000) received on May 8, 2011.
This is not an isolated event; similar transfers have occurred recently. In September, 12 wallets holding 50 BTC each sent a combined total of 600 BTC, while four other wallets shifted 1,971.03 BTC over several weeks. Additionally, a wallet from 2011 released 100 BTC (valued at around $8.09 million) on September 19.
Crypto analysts are assessing the recent price recovery and whether it has enough underlying demand to sustain itself. Darkfost noted that Bitcoin's current recovery is largely driven by futures trading, while spot demand remains weak. MorenoDV offered a more measured view, stating that buying pressure indicators have improved but remain below levels seen during stronger market expansions.