A long-dormant Bitcoin wallet containing 1,000 BTC, currently valued at over $60 million, transferred funds for the first time in nearly 12 years on Sunday, according to on-chain data. This wallet initially received the Bitcoin 11 years and 9 months ago and had not made any outgoing transactions until now.
The transaction, first broadcast on January 19, 2024, according to Blockchain.com data, saw the wallet send the 1,000 BTC to a new address. At the time the Bitcoin was received, the holdings were worth merely $12,100, based on historical price data. Over the nearly twelve-year period, the value of these coins has surged by approximately 500,000%.
The reasons behind the transfer and the identity of the wallet’s owner remain unknown. Notably, when the transaction was originally broadcast over the network, the Bitcoin was worth about $41.6 million. Due to Bitcoin’s price increase since the initial broadcast, the value of the holdings has risen by nearly $20 million, highlighting the significant appreciation of the cryptocurrency over time.
The movement of such a significant amount of Bitcoin after years of dormancy often attracts attention and speculation within the crypto community. It raises questions about the motivations for the transfer, whether it signals a change in the owner’s strategy, or if it is a precursor to further market activity. This event underscores the enduring potential for substantial returns in the volatile cryptocurrency market, even from long-held positions.