Addresses that have been inactive for years have transferred 1,221 bitcoins worth $20 million in the last 4 days

Since then, a number of “dormant bitcoins“that have been dormant for five to nine years have moved in the last four days. Bitcoins that were worth much less at the time are being transferred for the first time in years.

20 million worth of old bitcoins are circulating after sitting idle for years.

The value of bitcoin has remained steady over the past seven days, hovering between $16,150 and $16,995 per unit, with a brief jump above the $17,000 area. In the last four days, while bitcoin is much lower than it was in early November, hundreds of old bitcoins have been put into circulation.

For example, two owners spent 348 bitcoins on November 29, 2022, and the wallet was worth 1.5 million euros at the time. We can’t really tell whether the transferred coins were sold or not, but they were spent from addresses created almost six years ago. The heuristic analysis also indicates that of the 348 bitcoins that have remained inactive since March 2017, 299 of these bitcoins were transferred. They likely belonged to the same owner.

The 348 BTC are worth about $5.8 million nominal U.S. dollars using current exchange rates. On the same day, btcparser.com’s blockchain analyzers saw 173.61 BTC spent from an inactive address created on June 14, 2017, and 100 more. The 100 bitcoins remained inactive in one address for nearly nine years. The BTC was worth less than $500 at the time.

After these old spends, a transaction from an address first seen nearly a decade ago, on April 26, 2013, beat all the spends made on November 29, 2022. The transaction took place on December 2, 2022, and the wallet “1EaAv” spent 600 bitcoins known as “dormant“. The 600 BTC was worth about $84,000 on April 26, 2013, and today, the coins that were spent to the tune of block 765,644 are worth about $10.14 million based on the current value of BTC.

The data shows that of all the bitcoins spent since November 29, which have been dormant for about five to nine years, all of the bitcoins combined were worth less than $800,000 at the time the original addresses were created. Using today’s exchange rates, the 1,221.45 BTC that came from “dormant bitcoin” addresses is about $20 million. Former holders are moving bitcoins that have been dormant for five to nine years, while current bitcoin prices are at their lowest levels in two years.