Over $60 million worth of Bitcoin (BTC) moved after a decade

More than $60 million worth of Bitcoin has been transferred from inactive wallets that have remained inactive for over a decade.

The transfer, which took place yesterday, involved the movement of 1,000 BTC, valued at $62.8 million at current prices.

Inactive addresses move $62.8 million worth of BTC

According to on-chain data, two Bitcoin wallet addresses, inactive since September 12, 2013, moved a total of 1,000 BTC, valued at more than $62.8 million at current prices. The moves happened in succession, with one address transferring 500 BTC ($31.4 million) at 9:46 UTC, followed by a second identical one just 20 minutes later.

These wallets had received 500 BTC each in 2013, when bitcoin was trading around $124, worth roughly $62,000 at the time. Fast forward to today, with the price of bitcoin nearing $63,000 according to CoinGecko data, the value of the fortune transferred has increased more than 500 times over the past decade.

Funds from the first wallet were further split up and sent to additional addresses, while those from the second have yet to be moved anywhere else. The reason for these transfers remains unknown, as does the identity of the wallet owners.

However, the similarity of the transfer amounts and the proximity of the transactions suggest a possible connection between the two addresses.

Bitcoin Whale Recent Movements

This recent event is not an isolated incident in the crypto space. Earlier this year, a Bitcoin whale moved 2,000 BTC, valued at $140 million, after lying dormant for 14 years. This transfer involved 40 sets of mining rewards, each consisting of 50 BTC, accumulated over a decade in a single wallet.

These latent Bitcoin movements have become more and more common. Just last week, 687.33 BTC, worth over $44 million, was moved for the first time in a decade. In March, the fifth-richest address on the Bitcoin blockchain, inactive since 2019, transferred $6 billion of assets to three new wallets. The transfer took place against a backdrop of increased institutional interest in Bitcoin caused by its price exceeding $70,000.

In January, nearly 50,000 dormant BTC were activated less than a week after Bitcoin exchange-traded funds were approved in the United States, hinting at a possible correlation between regulatory developments and dormant activity.

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