- An inactive Bitcoin wallet, created in 2012, has been activated after 11 years.
- The wallet owner had bought 1037 BTC in 2012 when the price was around $5 and has now moved the assets, which have appreciated to $31 million.
- The reason for the activation is unknown, but it could be due to the owner wanting to sell or secure the assets, especially in light of recent hacking incidents involving old wallets.
Long-Dormant Bitcoin Wallet Activated After 11 Years
From Inactivity to Activity
In a surprising turn of events, a Bitcoin wallet that has been inactive since its creation in 2012 has suddenly been activated. The wallet owner had purchased 1037 BTC in April 2012 when the price of Bitcoin was hovering around $5. Despite the three major bull markets that Bitcoin has experienced, where prices reached thousands, tens of thousands, and even $69,000, the owner did not touch the assets. However, the BTC in the wallet was moved in the early hours of today, after appreciating by 6000 times to a value of $31 million. The BTC was then distributed to various other wallets.
💤 💤 💤 💤 A dormant address containing 1,037 #BTC (31,080,234 USD) has just been activated after 11.3 years!
— Whale Alert (@whale_alert) July 22, 2023
Possible Reasons for Activation
There are several speculations as to why the wallet owner decided to activate the wallet. One possibility is that the owner intends to sell the assets. Another theory suggests that the owner is simply changing wallets to ensure the security of the assets. This comes in the wake of allegations of old wallets being hacked, which has led to inactive wallets becoming active.
Despite Movements, Dormant Bitcoin Supply Hits Record High
Despite such movements, the supply of inactive Bitcoin recently hit a record high. According to an analysis by Ark Invest, approximately 70% of the circulating Bitcoin supply has been inactive for at least a year. This rate has been recorded as a new record. The company suggests that this indicates a growing investor base and reflects the confidence of long-term investors in Bitcoin.
At the time of writing, Bitcoin is trading below $30,000. The leading cryptocurrency is currently being bought for $29,880.
