A previously dormant Bitcoin wallet containing 1,037 BTC, valued at $31 million in today’s market, has suddenly sprung to life after over 11 years.
This unexpected transfer has caught the attention of the crypto community, raising questions about the source and intentions behind the transfer.
The transfer of the 1,037 BTC occurred on July 22, 2023, when the price of Bitcoin was trading below $29,956, as reported.
This massive stash of Bitcoin had been acquired back on April 11, 2012, when the cryptocurrency’s price was a meager $4.92.
At that time, the value of the Bitcoin holdings was a modest $5,108. Fast forward to the present, the entire sum was moved to a new wallet address, known as indicated by data from blockchain aggregator Blockchair.
Remarkably, this new wallet now holds Bitcoin worth a staggering $31 million, reflecting an incredible gain of 606,418.36% over the past 11 years.
It is worth mentioning that the original Bitcoin wallet reached its peak value of $71.6 million during the cryptocurrency’s all-time high price of $69,044 on November 10, as reported by CoinMarketCap.
However, the source and intentions behind this dormant wallet’s sudden activity remain shrouded in mystery.
While the reasons for the wallet’s prolonged inactivity are unclear, it’s important to note that the United States government has recently been involved in significant BTC transfers.
On July 12, nearly 10,000 BTC, valued at $299 million, were moved in a series of transactions linked to the Silk Road seizure.
The destination of these transfers, whether cryptocurrency exchanges or under the custody of the Justice Department, remains to be determined.