An inactive Bitcoin (BTC) wallet that contained over 1,037 Bitcoin, totaling $31 million in value at the time of writing, transferred out its entire holdings after 11 years of inactivity.
As per BitInfoCharts, the 1,037 BTC transfer occurred at block height 799701 or about 10:51 am UTC on July 22, during a Bitcoin price of $29,956.
According to information released on July 22 by on-chain analytics company Lookonchain, the long-dormant address acquired the sum of 1,037 BTC on April 11 2012, when Bitcoin was only worth $4.92. This indicates that the stash’s value at the time was only about $5,108.
The $31 million was sent to wallet address “bc1qt180…”, which looks to be a brand-new wallet, according to data from blockchain aggregate Blockchair.
According to digital currency price tracker CoinGecko, the initial Bitcoin wallet’s balance soared to $71.6 million when BTC hit an all-time high of $69,044 on Nov. 10.
The US government has recently been one of the largest BTC users, sending almost 10,000 BTC or $299 million, in a sequence of transactions on July 12 in connection with the Silk Road seizure.
It’s unclear whether the BTC transactions were forwarded to cryptocurrency exchanges or if they are still in the Justice Department’s possession.
An additional strange Bitcoin whale transferred 1,400 BTC, worth $36 million at the time, to a Pay-to-Taproot account on June 11.
The CEO of CryptoQuant, Ki Young Ju, speculates that the goal of this transaction may have been to increase confidentiality.
According to Lookonchain, another Bitcoin address transferred 2,071 BTC, totaling $60 million, earlier in April, around ten years after purchasing Bitcoin at $663.
Another Bitcoin account made a huge $250 million transfer of 26,056 BTC three months prior. The wallet had a value of more than $1 billion at the peak of BTC.
According to data from on-chain analytics company Glassnode posted by digital currency researcher Will Clemente, over 55% of BTC hasn’t moved in more than two years despite a few high-value transfers.
