Bitcoin wallet holding $44 million moves funds after 12 years
Quick Take A bitcoin wallet moved $44 million worth of BTC on Sunday, breaking 12 years of dormancy. Multiple Satoshi-era wallets have emerged from decade-long dormancies in recent months as the crypto market rallied to new highs this year.
A dormant bitcoin wallet containing $44 million worth of bitcoin moved funds for the first time in 12 years on Sunday, according to Lookonchain, a blockchain analytics platform.
Data from Arkham Intelligence shows that the wallet address "1ArUG…zwaWT" transferred roughly 400 BTC to multiple wallets on Sunday, mostly in equal batches of 15 BTC. This effectively emptied out all funds from the wallet.
Although the platform's transaction data doesn't disclose the source of the bitcoin, Lookonchain reported that the receiving wallet was funded by miners 15 years ago. The reason for the transfers remains unknown, as does the identity of the wallet's ownership.
Over the 12 years the wallet remained dormant, Bitcoin's value increased approximately 830 times, surging from around $135 to $111,804 today.
Satoshi-era bitcoin wallets have ramped up activity in recent months as the world's largest cryptocurrency hit new highs this summer, in apparent attempts to liquidate profits they have made over the past years.
In July, Galaxy Digital executed a massive sale of over 80,000 BTC, valued at more than $9 billion, selling the funds for a Satoshi-era investor's estate.
More recently, another OG holder processed a significant rotation earlier this month, moving funds from BTC to ETH, amassing nearly $4 billion in ether from an initial holding of over $5 billion in bitcoin. A different bitcoin address containing roughly 444 BTC (worth $50 million) was activated on Sept. 11 after nearly 13 years of dormancy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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