6,522 “dormant bitcoins” worth $107 million wake up after 5 years of inactivity

On November 16, 2022, at block height 763,474, someone transferred 6,522 bitcoins worth around $107 million after the coins had been dormant for over five years. While the value of bitcoin is 75% lower than it was a year ago, so-called dormant bitcoins have woken up amid the recent cryptocurrency market capitulation.

While the price of bitcoin remains 75% lower than it was a year ago, a series 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 cryptocurrency market carnage associated with FTX, old coins woke up for some reason, and they moved to unknown wallets. For example, bitcoin address “1QBG9,” moved 25 BTC to block height 762,719 from an address created on November 13, 2011.

The 75 bitcoins, worth $1.24 million today, dated back to 2010 and 2011, and both transactions took place amid the market carnage that followed FTX’s collapse. Two days after 2010’s 50 bitcoins were spent on November 14, 2022, 6,522.40 BTC worth $107 million were moved to two new, unknown addresses.

Shortly after, 50 bitcoin from 2010 was spent on November 14, 2022, after sitting dormant for over a decade. The “1LB8B” bitcoin address that moved the 50 BTC to block height 763,149 was created on May 23, 2010. All three involved bitcoins stored in addresses that had been dormant for more than ten years. .

6,522 bitcoins worth over $107 million appear after more than 5 years of inactivity.

Two days after 2010’s 50 bitcoins moved, BTC which originated from an address created on July 31, 2017, moved after being dormant for more than five years. Although not super old, blockchain parsers from btcparser.com took the individual or entity spent around 6,522.40 BTC.

The address is worth more than $107 million at current prices. The bitcoin address “1LVBn” is also connected to almost 10,000 BTC accumulated for the first time in an address created on May 29, 2011. When the bitcoin address “1LVBn” was created on July 31, 2017, the bitcoin was trading at $2,875 according to statmuse.com.

This means that the 6,522 bitcoin address was only worth around $18.7 million before it lay dormant for over five years. If the 6,522 bitcoin address were sold today, its owner would have made a profit of over 472%.

If it is the same owner who acquired approximately 9,478.77 BTC on May 29, 2011, the person could have acquired the bitcoins at $8.30 per unit. At this price in the spring of 2011, the person could have made a profit of about 1,189% against the dollar in 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 in two different addresses. Change of address “1AkJq” holds 6,061.83 BTC, and 460.57 BTC went to address “bc1qt.” Net sending of 6,522 bitcoins remains inactive today.

Throughout the history of the 6,522 BTC spent on November 16, 2022, transactions have never been sent privately. Blockchair.com’s privacy tool gives the last coin transaction that moved 6,061.83 BTC, a privacy rating of “0” Where “critical“.

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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.

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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 spent on November 16, 2022, may have seen ownership change hands, whether on or off the blockchain. .

The owner of the bitcoin address has not spent the corresponding bitcoin cash (BCH) associated with the bitcoin address “1LVBn”. 6,522.40 BCH remains in the address at the time of writing and BCH is worth around 680,939 nominal US dollars.

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