Bitcoin Whales Move $2.18 Billion After 12-Year Dormancy

Two Bitcoin (BTC) whales have recently awakened from a prolonged period of inactivity, transferring billions of dollars worth of the leading cryptocurrency. According to on-chain data, two Bitcoin addresses, each containing 10,000 BTC, were emptied within minutes of each other on the 4th of July. These wallets had received their respective Bitcoin on April 3rd, 2011, when the price of BTC was $0.78 per coin.

The slightly older wallet saw its Bitcoin value rise from $7,805 to $1,092,370,050.73 at the time of the transfer, representing a gain of 13,995,672%. Similarly, the newer wallet experienced a value increase from $7,805 to $1,090,670,006.39, a gain of 13,973,891%. The total value transferred from these ancient addresses amounted to $2,183,040,056. At the time of writing, Bitcoin is trading at $109,061.

While these wallets had been dormant since April 2011, they did receive trace amounts of Bitcoin during this period. This could be attributed to dusting attacks, which are typically conducted by researchers, law enforcement officials, or criminals to identify the entities behind the addresses.

The sudden activation of long-dormant addresses often sparks interest due to their potential link to the pseudonymous creator of Bitcoin, Satoshi Nakamoto. Nakamoto's last known publicly verifiable online activity was in December 2010, when he discussed a software update for Bitcoin aimed at preventing denial-of-service (DoS) attacks on the BitcoinTalk forum. The mystery surrounding Nakamoto's identity has persisted for over a decade and a half since the introduction of Bitcoin.

The movement of such large amounts of Bitcoin from addresses that have been inactive for over a decade raises questions about the intentions behind these transfers. Some speculate that these whales could be early adopters of Bitcoin who are now looking to cash out their holdings, while others suggest that these movements could be part of a larger strategy to influence the market. Regardless of the reasons, the activation of these ancient wallets serves as a reminder of the long-term potential of Bitcoin and the significant gains that early investors have realized.