Satoshi-Era Bitcoin Whales Awake: Dormant Addresses Transfer $230 Million Worth of BTC

Three Long-Idle Bitcoin Whales Stir

Three Bitcoin (BTC) whale addresses that had been inactive since November 2017 suddenly came to life on November 2, transferring a staggering 6,500 BTC, which is estimated to be worth around $230 million. These wallets date back to the early days of Bitcoin when the cryptocurrency was still relatively unknown.

Wallet Details

According to data from Bitinfocharts, the first wallet moved 2,550 BTC, valued at approximately $90 million. The second address transferred around 2,000 BTC worth $71 million, while the third address moved roughly 1,950 BTC worth $69 million.

A Prolonged Slumber

What makes these transfers particularly intriguing is that all three wallets had remained dormant since November 5, 2017, nearly six years ago. This means they missed out on the incredible Bitcoin bull run and the record-breaking all-time high of over $69,000. Most of the Bitcoin stored in these wallets dates back to July 2011 and is associated with F2Pool, a prominent Bitcoin mining pool. This suggests that the BTC may have been accumulated during the early days of Bitcoin mining, when the cryptocurrency was trading below $15.

Possible Connection

While it is not confirmed whether all three wallets belong to the same individual or entity, the wallet history and transaction patterns indicate that this could be a likely possibility. The recent movement of Bitcoin whale addresses from the 2011 era comes just days after the BTC price reached a new yearly high above $35,000.

Awakening of Dormant Bitcoin Whales

2023 has witnessed a number of Bitcoin whales and addresses that had been inactive for over a decade suddenly coming to life. These whales have been transferring BTC from the early 2010s to new addresses. In July, a wallet that had been dormant for 11 years transferred $30 million worth of BTC, followed by another Satoshi-era wallet in August, which moved 1005 BTC to a new address.

It remains to be seen what the future holds for these dormant Bitcoin whales and whether more long-idle addresses will come alive as the cryptocurrency market continues to evolve.