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Dormant Bitcoin wallets from 2013 and 2014 move $20.3 million

Dormant Bitcoin wallets from 2013 and 2014 move $20.3 million

GrafaGrafa2024/08/22 06:00
By:Isaac Francis

On August 21, 2024, two Bitcoin (CRYPTO:BTC) wallets, dormant since 2013 and 2014, became active, transferring a combined total of 342.59 BTC, valued at approximately $20.3 million at current prices.

The first significant transaction occurred from a Bitcoin wallet that had been inactive since August 18, 2014.

On this day, the wallet moved 200 BTC while Bitcoin was trading at $59,360 per coin.

The transaction involved transferring funds from a legacy Pay-to-PubKey-Hash (P2PKH) address to a Bech32 (Segwit) address.

This move cost 5,787 satoshis, or $3.44, with a fee rate of 4.47 satoshis per virtual byte.

The 200 BTC, when moved, was worth $11.8 million, though it was originally acquired for $91,000, showcasing a significant increase in value over the years.

Following this, another noteworthy transaction was identified at block height 857,774.

This involved a wallet from 2013 that transferred 142.59 BTC.

Similar to the first transfer, the funds moved from a P2PKH address to another P2PKH address.

The transaction fee was 6 sat/vB, or $0.69, to move the 142.59 BTC, which was valued at approximately $8.47 million at the time of the transfer.

This Bitcoin had not been touched since November 20, 2013, when it was worth $84,270.69.

The sudden activation of these old wallets has drawn significant attention from the cryptocurrency community.

Such transactions from long-dormant addresses are often scrutinised due to their potential impact on market dynamics and historical Bitcoin holdings.

Interestingly, despite these significant transfers, the 342.59 BCH associated with these dormant wallets remains untouched.

This BCH, still held in the original addresses, is currently valued at around $116,470.

The movement of these funds may influence perceptions of Bitcoin’s value and historical significance, highlighting the evolving nature of cryptocurrency investments and storage.

At the time of reporting, Bitcoin was valued at $60,361.41.

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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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