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On July 28, 2024, bitcoin was trading at $67,872 per coin when a dormant bitcoin address created in 2017 transferred 121.63 BTC, now valued at $8.25 million, after more than seven years.
Dormant Bitcoin Address Transfers $8.25M
This Sunday, at block height 854,349, btcparser.com’s Bitcoin blockchain parser identified a transfer from a 2017 address, moving 121.63 BTC for the first time in seven years and three months. The Pay-to-Public-Key-Hash (P2PKH) legacy wallet was initially created on April 9, 2017, when bitcoin (BTC) was priced at $1,187 per unit, translating to a 5,617.94% increase from $144,374.81 to over $8.25 million today.
The bitcoin acquired on April 9, 2017, was sent to the user in two transactions: one for 71.63 BTC and another for 50 BTC. Notably, the P2PKH wallet dispersed the funds in the same manner, using two transactions for identical amounts. The funds were divided into multiple Bech32 or Pay-to-Witness-Public-Key-Hash (P2WPKH) wallets and remain there at the time of writing.
Although 2017 is not particularly vintage, it still marks a seven-year period before the user decided to move these coins for the first time. In July, around 15 different dormant bitcoin addresses from the 2017 era became active after seven years of inactivity. Fourteen of these transfers totaled 407.41 BTC acquired in 2017, while the fifteenth transaction was the 121.63 BTC, bringing the month’s total to 529.04 BTC.
It is significant to note that many 2017 addresses were unprofitable towards the end of that year and during 2018-2019. The individuals transferring funds in July opted to hold through another bull run in 2021, choosing to wait. Whether these coins are being sold or merely moved to new addresses is uncertain, but July 2024 was the selected time for the transfer. As the price surpasses its previous all-time high, it is likely that many dormant bitcoin wallets will begin to activate.