Bitcoin Whale Wallets Move $61M in BTC After a Decade of Dormancy

Two Bitcoin wallets, dormant for a decade, have sprung to life, stirring the crypto community's curiosity. Each holding 500 Bitcoin, valued at $61 million, these wallets made significant moves, catching the attention of observers.

Address "16vRq…qjzEa" initiated the action, transferring its 500 Bitcoin at block 843,131 on May 12, 7:10 pm UTC. Shortly after, address "1DUJuH…NgfC5" followed suit, sending out its own 500 Bitcoin, as per Blockchain.com's Bitcoin block explorer.

Initially receiving 500 Bitcoin in 2013, when Bitcoin was priced at $134, the current value of the combined transferred amount stands at an astounding $61.2 million, marking a significant appreciation over time.

Following the transfers, one address swiftly distributed the 500 Bitcoin to various destinations. However, the other address has opted to retain its 500 Bitcoin, intriguing observers.

Blockchain analytics firm Lookonchain linked the inward and outward transfers, suggesting a possible common ownership between the two wallets. Prior to the transfers, both addresses ranked among the top 4,353 largest Bitcoin whales, according to BitInfoCharts.

This event follows a recent trend where Satoshi Nakamoto-era Bitcoin wallets periodically awaken, with one such wallet transferring 687 Bitcoin, worth $43.9 million, just a week ago.

Despite such movements, a vast number of Bitcoin addresses, nearly 1.8 million, have remained dormant for over a decade, accounting for 8.5% of the total 21 million Bitcoin supply. While some speculate these dormant wallets may be preparing to sell, others suggest they may be undergoing security enhancements or transitioning to different platforms.

As Bitcoin continues its remarkable journey, currently priced at $61,464, having surged by 130% over the last 12 months, the awakening of dormant wallets adds yet another layer of intrigue to the evolving crypto landscape.