Dormant Bitcoin Wallets Stir After Years of Inactivity
A recent trend in Bitcoin's on-chain activity has seen an influx of dormant coins being moved for the first time in years. Galaxy Research reported that a wallet containing 10 BTC received on June 17, 2011, transferred the coins on August 29 in block 964,539 after remaining untouched for roughly 15.2 years.
The estimated value of the coins at the time of transfer was around $777,000, representing a realized gain of approximately 503,364%.
This is not an isolated incident; several other wallets have shown similar activity in recent weeks. On August 12, Galaxy reported that 85 BTC received in December 2012 had moved after approximately 13.6 years of dormancy. The coins were worth around $5.4 million at the time.
While the movement of dormant coins does not necessarily mean they have been sold, it is being closely watched by market participants following the latest Bitcoin rally.