Recent BTC transfers from old wallets are catching the attention of crypto analysts and the market as a whole.
Transfer Data
On Thursday, five wallets of early Bitcoin miners activated, transferring a total of 250 BTC, worth nearly $29.6 million at current prices. These wallets, each holding 50 BTC, were established in April 2010 when the block reward was 50 BTC. The transfers were made to new addresses using the SegWit-supported 'bc1q' format.
Reasons for Wallet Activity
Analysts from Lookonchain and Spotonchain noted the use of new wallet formats as a possible move towards modern custody or consolidation. At the time these coins were mined, Bitcoin traded at around $0.003, making the 50 BTC payout roughly equal to 15 cents. Based on energy data from 2010, mining a single block likely cost well under a dollar.
Global Trends in the Bitcoin Market
This summer, the revival of old dormant wallets has been a recurring theme. The market has absorbed supply events without much disruption. Bitcoin is up over 27% year-to-date and traded at approximately $118,480, about 4% below its all-time high of $122,838. In recent months, other wallets from the 2010–2013 era have also shown activity, alongside increasing institutional interest.
Transfers from old Bitcoin wallets indicate a growing interest in assets that have remained dormant for a long time and highlight trends in the cryptocurrency space.
