Two enigmatic Bitcoin wallets holding a combined total of 1,000 Bitcoin, valued at $61 million in today’s market, have suddenly become active again after a decade of inactivity. Almost every satoshi has been transferred out of these wallets.
The first wallet address, “16vRq…qjzEa,” moved its 500 Bitcoin on May 12 at 7:10 pm UTC, in block 843,131. Shortly after, the other 500 Bitcoin was sent by the address “1DUJuH…NgfC5” in the following two blocks, as reported by Blockchain.com’s Bitcoin block explorer.
According to CoinGecko, both wallets received 500 Bitcoin each on September 12 and September 13, 2013, when Bitcoin was priced at $134. At today’s prices, the combined amount transferred is now worth 456 times more than the initial acquisition price, reaching $61.2 million.
Since the transfers, one of the receiving addresses from “16vRq…qjzEa” has promptly transferred the 500 Bitcoin to multiple other wallets, while the receiver from “1DUJuH…NgfC5” is still holding its 500 Bitcoin.
Due to the close timing of the inward and outward transfers, blockchain analytics firm Lookonchain has linked the two transactions together, leading observers to believe that the two wallets were owned by the same individual or entity.
Before the transfers, these two addresses held the 4,353rd-largest Bitcoin holdings, according to BitInfoCharts.
Just a week ago, a Bitcoin wallet from the Satoshi Nakamoto era transferred 687 Bitcoin, worth $43.9 million, to two different addresses.
A recent analysis by Chainalysis and Fortune revealed that nearly 1.8 million Bitcoin addresses, excluding Nakamoto’s wallet, have remained inactive for over a decade. These dormant wallets hold approximately $121 billion worth of Bitcoin, accounting for 8.5% of the total 21 million Bitcoin that will ever exist. It is unknown how much of this has been lost.
Speculation is rife regarding the awakening of dormant wallets, with some suggesting that they may be preparing to sell Bitcoin at an opportune time, while others believe the funds may be transferred to a more secure noncustodial wallet service provider.
As of now, Bitcoin is priced at $61,450, experiencing a 130% increase over the past 12 months, according to CoinGecko.
The question arises: how will Bitcoin payments make a comeback?