Dormant Bitcoin Whale Awakens After 12 Years, Moves $60 Million

A Bitcoin address holding 1,000 BTC for nearly 12 years, worth $12,000 in 2012, recently transferred the funds (now valued at $60 million) to a new address.

The cryptocurrency world witnessed a significant event on Sunday. A Bitcoin wallet address, inactive for almost 12 years, sprang to life, transferring a massive 1,000 BTC (over $60 million) to a new address. This movement, first detected by blockchain monitoring service Whale Alert, has sparked curiosity within the crypto community.

The wallet received these Bitcoins in September 2012, with a value of approximately $12,100 at the time. This long-term hold has resulted in a staggering 500,000% increase in value.

While the identity of the wallet owner and the reason for the transfer remain unknown, this isn’t the only instance of dormant Bitcoin addresses reawakening recently. Just ten days prior, another wallet dormant for over twelve years transferred nearly $7 million.

This movement follows a trend of significant Bitcoin whale activity in recent months. In May, two separate dormant addresses, inactive for a decade, transferred a combined $104 million worth of BTC. Additionally, March saw the movement of $6 billion from the fifth richest Bitcoin address (dormant since 2019) and the consolidation of $140 million in mined-in-2010 Bitcoin into a single wallet.

The recent surge in dormant Bitcoin movement has analysts speculating on the potential causes. Some suggest it could be a strategy to capitalize on rising Bitcoin prices, while others believe it might be related to the recent approval of Bitcoin exchange-traded funds in the US.

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