Dormant Bitcoin Wallets Wake Up with Multi-Million Dollar Gains
Four long-dormant Bitcoin wallets have been reactivated in recent days, moving over $15 million in total. One wallet from 2011 had accumulated a staggering gain of more than 2.5 million percent on its original cost of just $120. The wallet, which held 40 BTC, is now valued at approximately $3.09 million.
The largest move came first, with a 146.06 BTC stash worth around $11.31 million showing a gain of about 12,902% from its original cost basis near $595. Two smaller wallets also moved, including one last active in June 2011 and valued at roughly $777,000, and another last active in February 2011 and worth around $551,000.
The transfers were monitored by Galaxy Research, which noted that a 6.78 BTC transaction linked to Coinbase could indicate an intent to sell the coins. However, it's worth noting that transferring coins alone does not necessarily mean that they will be sold.