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Over the past weekend, 211.51 dormant bitcoins valued at $14.79 million were reactivated after over a decade of inactivity. More than half of these funds originated from bitcoin wallets that had been inactive since 2012.
Vintage Bitcoin Wallets Unleash 211.51 Bitcoin
Since June 8, 2024, a series of four transactions brought 211.51 dormant bitcoins back into circulation. The initial transfer of 50 BTC occurred on Friday at block height 847,117 from a legacy address created on Sept. 4, 2013. Interestingly, another 50 BTC from an address established the following day on Sept. 5, 2013, was spent at block height 847,258.
On these dates, BTC was trading at $126 per coin, implying that the entity, likely the same individual, held about $12,600 in value. At today’s value of $6.99 million, the owner’s bitcoins appreciated by 55,410%. Moreover, on the same day, at block height 847,267, a wallet created on July 22, 2012, spent 100 BTC after these coins had been inactive for 11 years and 10 months.
At that time, bitcoin was valued at $8.85 per unit, meaning the stash was once worth $885. The owner experienced a much higher return than the 2013 spender, with the funds increasing by 790,220% against the U.S. dollar. The bitcoins were transferred from a Pay-to-Public-Key-Hash (P2PKH) address to another P2PKH wallet. The associated bitcoin cash (BCH) tied to the 100 BTC remains unspent.
On June 10, another wallet from 2012 transferred a smaller amount of 11.51 BTC, worth approximately $805,048 at press time. The BTC was acquired on Sept. 16, 2012, when each BTC was trading for $11.75 per coin, meaning the collective stash of 11.51 BTC were worth just $135.24 at that time.
The latest awakening of long-dormant bitcoins highlights not only the profound long-term appreciation in the value of bitcoin but also underscores the mysteries of early BTC ownership and transaction motivations. While the reasons behind these movements remain undisclosed, the dramatic gains realized reflect the rewarding nature of long-term crypto investments.
What do you think could be the reason behind the sudden activation of these long-dormant bitcoin wallets? Share your thoughts in the comments below.