On July 28, 2024, Bitcoin was trading at $67,872 per coin when a dormant Bitcoin address, created in 2017, transferred 121.63 BTC, now valued at $8.25 million, after remaining inactive for more than seven years.
Dormant Bitcoin Address Transfers $8.25M
This Sunday, at block height 854,349, btcparser.com’s Bitcoin blockchain parser identified a significant transfer from a 2017 address, marking the first movement of 121.63 BTC in over seven years and three months. The Pay-to-Public-Key-Hash (P2PKH) legacy wallet was initially created on April 9, 2017, when Bitcoin (BTC) was priced at $1,187 per unit. Since then, the value of the BTC has surged by 5,617.94%, increasing from $144,374.81 to over $8.25 million today.
The Bitcoin acquired on April 9, 2017, was sent to the user in two transactions: one for 71.63 BTC and another for 50 BTC. The P2PKH wallet dispersed the funds in the same manner, using two transactions for identical amounts. The funds were divided into multiple Bech32 or Pay-to-Witness-Public-Key-Hash (P2WPKH) wallets, where they remain as of now.
Although 2017 is not considered a vintage year for Bitcoin, it still represents a significant seven-year period before the user decided to move these coins for the first time. Interestingly, in July alone, around 15 different dormant Bitcoin addresses from the 2017 era became active after seven years of inactivity. Fourteen of these transfers totaled 407.41 BTC acquired in 2017, while the fifteenth transaction was the 121.63 BTC, bringing the month’s total to 529.04 BTC.
It is worth noting that many 2017 addresses were unprofitable towards the end of that year and during 2018-2019. The individuals transferring funds in July chose to hold through another bull run in 2021, opting to wait until now to move their assets. Whether these coins are being sold or merely moved to new addresses remains uncertain, but July 2024 appears to be a pivotal time for these transfers. As the price surpasses its previous all-time high, it is likely that many dormant Bitcoin wallets will begin to activate.
This trend of dormant addresses becoming active could indicate that long-term holders are capitalizing on the recent price surge, potentially leading to increased market activity in the coming months.
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