Recently, a Bitcoin wallet that has been inactive for nearly 13 years activated, transferring 479.69 BTC worth over $53 million.
History of the Wallet Over 13 Years
The wallet last made a transfer of 4 BTC in November 2012, at which time its balance of 398 BTC was valued at only $4,400. Over the next 18 months, it received about 81 more BTC and has only made small transactions since.
Recent Transactions and Their Significance
According to Onchain data, 81.25 BTC ($9 million) were moved from the wallet in five transactions between 05:36 and 12:29. The funds were transferred from an older P2PKH address to modern SegWit addresses. Most of the funds have not been transferred elsewhere and are sitting in unidentified addresses, leaving the purpose of the transfers and the wallet owner's identity unknown.
Return to Active Investing
With Bitcoin trading at over $111,000, the value of these assets has increased 10,000-fold since 2012. There has been a noticeable increase in activity among legacy wallets, and large market players are beginning to re-enter the scene. For example, Galaxy Digital sold 80,000 BTC ($9 billion) in July as part of its succession planning.
This case illustrates the re-engagement of dormant investors and the activation of old wallets in the Bitcoin market, which could influence the current market situation.
