On November 16, 2022, at Bitcoin block 763,474, someone transferred 6,522 bitcoins worth around $107 million after the coins had been idle for over five years. While the value of bitcoin is 75% lower than it was a year ago, the so-called sleepy bitcoins have woken up amid the recent crypto market capitulation.
As Bitcoin’s price remains 75% lower than a year ago, a slew of old Bitcoins are starting to move after years of inactivity
Five days ago, 3,500 bitcoins from 2011 were transferred for the first time in 11 years. Amid the crypto market carnage associated with FTX, old coins woke up for some reason and they moved to unknown wallets. For example, the bitcoin address “1QBG9”, moved 25 BTC at block height 762 719 from an address established on November 13, 2011.
Shortly after, 50 bitcoin from 2010 was spent on November 14, 2022, after sitting dormant for over a decade. The bitcoin address”1LB8B”, which moved the 50 BTC at block height 763 149 was established on May 23, 2010. These three sightings were bitcoins stored in addresses that had been dormant for more than a decade.
6,522 bitcoins worth over $107 million after more than 5 years dormant
Two days after the move of the 50 bitcoins of 2010, BTC that from an address created on July 31, 2017, moved after more than five years of inactivity. Although it’s not super old, blockchain analyzers from btcparser.com caught the person or entity spending approximately $6,522.40 BTC.
The stash is worth over $107 million using the BTC exchange rate. The bitcoin address”1LVBnis also linked to nearly 10,000 BTC collected for the first time in a address created on May 29, 2011. When bitcoin address “1LVBn” was created on July 31, 2017, bitcoin was trading at $2,875 per unit according to statmuse.com metric.
This means that the cache of 6,522 bitcoins was only worth around $18.7 million before it lay dormant for over five years. If the 6,522 bitcoin stash had been sold today, the owner would have profited over 472%.
If it was the same owner who acquired about 9,478.77 BTC on May 29, 2011, the individual could have acquired the bitcoins at $8.30 per unit. At this price in the spring of 2011, the person could have earned around 1,189% profit against the US dollar over 11 years.
Owner sends cache of Bitcoins with zero privacy techniques to 2 addresses
The funds, however, do not appear to have been sent to an exchange, according to onchain data, as the 6,522 bitcoins now reside at two different addresses. The change of address”1AkJq” holds 6,061.83 BTCand 460.57 BTC went to “bc1qt.” Net sending of 6,522 bitcoins remains idle at the time of writing.
Throughout the history of the 6,522 BTC passed November 16, 2022, transactions were never sent privately. Blockchair.com’s privacy tool gives the last modification operationwhich moved 6,061.83 BTCa confidentiality index of “0” or “critical”.
Each time the owner of these bitcoins moved coins, corresponding inputs and outputs were discovered, making them easily identifiable by blockchain analysis. It should be noted that the technical term “spent” and the use of the word “change” in this article does not necessarily mean that bitcoins have been sold.
In fact, they could just be forwarded to other addresses by the same owner. It should also be noted that the bitcoins coming from the wallet on May 29, 2011, which are also associated with the 6,522 BTC passed on November 16, 2022, may have seen ownership change hands on or off the blockchain.
The owner of the bitcoin address did not spend the corresponding bitcoin money (BCH) associated with the bitcoin address “1LVBn”. 6,522.40 BCH remains in the address at the time of writing and the BCH is worth around 680,939 nominal US dollars.
What do you think of the 6,522 bitcoins that woke up after five years and three months? Let us know what you think about this topic in the comments section below.
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