After more than a decade of inactivity, a wallet holding a large sum of Bitcoin (CRYPTO: BTC) worth $37.8 million made a transfer of 1,432.93 Bitcoin to a new address.
What Happened: According to on-chain analytics firm Lookonchain, the wallet initially received the Bitcoin on April 9, 2013, when the price was only $195.40 per coin.
A BTC whale that has been dormant for 10.2 years transferred all 1,432.93 $BTC($37.8M) to a new address"bc1psv" 5 mins ago. The whale received 1,432.92 $BTC on Apr 9, 2013, when the price was $195.4.https://t.co/17R0UqEBKC pic.twitter.com/e0LkSfn5t3 — Lookonchain (@lookonchain) June 8, 2023
The current price per Bitcoin is $26,411, which is much higher than the price of $195.40 per Bitcoin on April 9, 2013, when the wallet initially received the transfer. The gains on this transfer amount to an astonishing 13,402.57%.
These Bitcoins are part of what is known as Ancient Supply, coins that were bought at least seven years ago, though some experts take five years as their base date.
Why It Matters: In the past months, several dormant wallet addresses have been awakened.
On May 15, over 139 Bitcoins, which had been acquired in June 2011 for slightly over $2,250 dollars, were moved into a new Segwit (Segregated Witness) address. This haul is now valued at $3.5 million at Bitcoin's current price mark – a 155,456% increase.
Reactivations of dormant wallets trigger speculation among the crypto community about the motives behind these moves. For instance, there is speculation about Satoshi Nakamoto's (Bitcoin's creator) stash, which is believed to constitute 5% of the total Bitcoin supply.
Price Action: At the time of writing, BTC was trading at $26,411.75, down 2%, in the last 24 hours, according to Benzinga Pro.