According to blockchain analytics platform Lookonchain, a Bitcoin wallet that had been inactive for 14 years has reemerged.
The entity deposited 50 BTC worth around $3.05M to Binance.
Early Bitcoin Miner Wallet Moves 50 BTC
The dormant wallet, belonging to an early Bitcoin miner, sprang to life on Thursday, moving its entire balance of 50 BTC worth roughly $3.05 million to the cryptocurrency exchange Binance.
A miner wallet woke up after being dormant for 14 years and deposited 50 $BTC($3.05M) to #Binance 7 hours ago.
The miner earned 50 $BTC from mining on July 14, 2010.
Address: 1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm pic.twitter.com/toKmBfbUne
— Lookonchain (@lookonchain) June 27, 2024
Lookonchain noted that the wallet address, which had been inactive since July 14, 2010, received its 50 BTC as a mining reward on the same date and has held the cryptocurrencies since then.
Back in 2010, BTC was trading below the $1 mark, and it only surpassed this threshold in February 2011. By June of that year, the price peaked at $30. Currently, the cryptocurrency stands close to $61,000
BTC mined in 2010 are among the earliest and most coveted in the cryptocurrency world. The sudden activation of such coins can signal various market sentiments, including renewed interest from early adopters.
It’s generally accepted that when owners of old wallets become active, it might indicate they plan to sell their holdings. Sometimes, holders move BTC to different addresses for further trading.
Dormant Satoshi Era Bitcoin Wallets Resurface
This phenomenon of dormant wallets awakening isn’t entirely new. Several wallets from the Satoshi era—the period between 2009 and 2011 when Bitcoin’s pseudonymous creator was active—have seen similar activity.
In March 2022, another wallet containing 489 BTC, valued at $20 million at the time, was reactivated after being dormant for 11.4 years. This wallet achieved a return of 42,000,000%.
On-chain analytics firms identified two significant whale wallets in July and August 2023 that had been inactive for over a decade. These whales moved thousands of BTC from their addresses, with one transferring 1,037 BTC worth $37.8 million to a new address and the other moving 1,005 BTC worth $29.7 million at the time.
More recently, in April 2024, another wallet that had been dormant for 14 years moved 50 BTC worth over $3.28 million at the time to Coinbase. Additionally, a major Bitcoin holder who had hibernated for a decade made a move in April, transferring 246 BTC from an address holding 1,701 BTC. This whale had received 4,272 BTC in 2013 when BTC was priced at an average of $29.39.
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