On November 16, 2022, at block level 763,474, someone transferred 6,522 bitcoins worth about $107 million after the coins had been dormant for over five years. While the value of bitcoin is 75 percent lower than it was a year ago, the so-called dormant bitcoins have awakened amid the recent capitulation of the crypto-currency market.
While the price of bitcoin remains 75 percent lower than it was a year ago, a slew of old bitcoins are starting to move after years of inactivity.
Five days ago, 3,500 bitcoins from 2011 were transferred for the first time in 11 years. Amidst the carnage of the crypto-currency market associated with FTX, the old coins woke up for some reason, and they moved to unknown wallets. For example, the bitcoin address “1QBG9,” moved 25 BTC at block height 762,719 from an address created on November 13, 2011.
Shortly thereafter, 50 bitcoins from 2010 were spent on November 14, 2022, after sitting idle for over a decade. The bitcoin address “1LB8B” that moved the 50 BTC to the height of block 763,149 was created on May 23, 2010. In all three cases, these were bitcoins stored in addresses that remained inactive for more than ten years.
6,522 bitcoins worth over $107 million appear after more than 5 years of inactivity.
Two days after the move of the 50 bitcoins from 2010, BTC which originated from an address created on July 31, 2017, moved after being inactive for over five years. While this is not super old, blockchain analyzers at btcparser.com took the individual or entity spent about 6,522.40 BTC.
The address is worth over $107 million at the current price. The bitcoin address “1LVBn” is also connected to nearly 10,000 BTC accumulated for the first time in an address created on May 29, 2011. When the bitcoin address “1LVBn” was created on July 31, 2017, bitcoin was trading at $2,875 according to statmuse.com.
This means that the address of 6,522 bitcoins was only worth about $18.7 million before it went dormant for over five years. If the 6,522 bitcoin address were sold today, its owner would have made a profit of more than 472%.
If it was the same owner who acquired approximately 9,478.77 BTC on May 29, 2011, the person could have acquired the bitcoins at the following address $8.30 per unit. At this price in the spring of 2011, the person could have made a profit of approximately 1,189% against the dollar in 11 years.
Owner sends a cache of bitcoins with zero privacy techniques to 2 addresses
The funds, however, do not appear to have been sent to an exchange, according to the onchain data, as the 6,522 bitcoins now reside in two different addresses. The address change “1AkJq” holds 6,061.83 BTCand 460.57 BTC went to address “bc1qt.” The net upload of 6,522 bitcoins remains inactive today.
Throughout the history of the 6,522 BTC spent on November 16, 2022, the transactions were never sent privately. Blockchair.com’s privacy tool gives the last currency transaction that moved 6,061.83 BTC, a privacy rating of “” or “criticism“.
Each time the owner of these bitcoins moved coins, corresponding entries and exits were discovered, making them easily identifiable through blockchain analysis. It should be noted that the technical term “spent“and the use of the word “currency” in this article does not necessarily mean that bitcoins have been sold.
In fact, they could simply be transferred to other addresses by the same owner. It should also be noted that the bitcoins from the wallet on May 29, 2011, which are also associated with the 6,522 BTC spent on November 16, 2022, may have seen ownership change hands, either on the blockchain or off.
The owner of the bitcoin address did not spend the corresponding bitcoin cash (BCH) associated with the bitcoin address “1LVBn”. 6,522.40 BCH remains in the address at the time of this writing and the BCH is worth approximately $680,939 nominal US dollars.