Several Sleeping Bitcoin Wallets Reactivate After Years of Inactivity

According to data, several longtime holders have recently reactivated wallets containing hundreds of bitcoins for the first time in years. One inactive address, created on April 1, 2013, transferred 126.65 BTC valued at $7.63 million, marking its first transaction in over 11 years.

Hundreds and Notably a 1,000 Stack of Vintage Bitcoin Transferred From Idle Wallets This Week

On June 27, 2024, a bitcoin whale that held 1,000 BTC valued at $60.31 million moved the funds for the first time in six years. The bitcoins were originally acquired on Aug. 25, 2018. This transaction was confirmed in block 849,746, with the funds transferred to Coinbase using the “send everything” option.

Blockchair’s privacy tool rated the transaction’s privacy at 55 out of 100. The following day, an address created over eight years ago, on Sept. 13, 2016, transferred 148.21 BTC valued at $8.9 million. The transaction was confirmed on June 28 at block height 849,841, and Blockchair’s privacy tool gave it a rating of zero, the lowest score possible.

The previously dormant bitcoins were swept, showing matched inputs and outputs. Shortly after that, at block height 849,870, an idle wallet created more than 11 years ago moved 126.65 BTC. The address, first established on April 1, 2013, remained inactive until June 28. This transfer received a privacy score of 35 out of 100 due to matched inputs and outputs and other software-related issues.

Throughout the past week, several sleeping bitcoin wallets have been reactivated, spending various amounts. For instance on June 26, a notable block reward was spent from an address created on July 14, 2010. The vintage wallet moved $3 million worth of BTC for the first time in nearly 14 years. On the same day, an address monitored by btcparser.com transferred 215 BTC valued at $13 million, its first activity since March 31, 2013.

Recent months have indicated that while long-term BTC holders tend to retain their assets for years, the $60,000 or higher range has prompted some early bitcoin adopters to sell. The reality is, there’s no certainty that the coins are being sold. Transactions involving bitcoins sent to exchanges, such as the 1,000 BTC from 2018 moved to Coinbase, are more likely to be intended for sale.

What do you think about the latest sleeping bitcoin transfers? Share your thoughts and opinions about this subject in the comments section below.

Source