Dormant Bitcoin Wallets Worth $115 Million Wake Up After 13 Years
Two Bitcoin (BTC) wallets that had been inactive for approximately 13 years suddenly became active, transferring a small amount of BTC from holdings valued at around $115 million. According to blockchain analytics platform Lookonchain, the wallets moved just 0.0005 BTC, worth about $43, as a test transaction. The addresses collectively hold 1,346 BTC, making the movement significant despite the minimal transfer.
The wallets originally acquired their Bitcoin for roughly $240,000 when BTC traded at an average price of $178. At current valuations, their holdings represent a return of approximately 479 times the original investment. This reactivation adds to a growing trend of early Bitcoin wallets becoming active after years of dormancy.
Last week, another early Bitcoin wallet moved 20.43 BTC, worth about $1.7 million, after nearly 15 years of inactivity, according to Galaxy Research. Additionally, on September 5, twelve wallets containing 50 BTC each moved a combined 600 BTC. These coins were received as mining rewards in March 2010 and had remained untouched for over 16 years. However, blockchain researchers found no evidence linking these movements to Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The dormant-wallet activity coincides with Bitcoin’s broader market attempting to strengthen its recovery. CryptoQuant contributor “MAC-D” noted that Bitcoin’s 30-day apparent demand growth rate improved from negative 182,000 BTC to negative 101,000 BTC between September 24 and October 1. However, demand has yet to turn decisively positive, and the Coinbase Premium Index remains negative, indicating that buying pressure from US-based spot investors has not fully recovered.
Analyst Darkfost of CryptoQuant highlighted improving spot-market activity, with September trading volumes on major exchanges surpassing previous months. For Bitcoin to reach new highs, Darkfost argued that spot volumes and demand need to accelerate. At press time, Bitcoin was trading at $85,504, up 0.23% in the past 24 hours.