Bitcoin Wallet With 1100 BTC Moves After 8 Years, Who is it?

Paigambar Mohan Raj
Source: Bitpay

A Bitcoin wallet with 1100 BTC activated today after laying dormant for almost eight years. According to Cryptoquant, a crypto analytics data provider, the funds and the wallet belonged to retired Bitcoin miner Ghash.

As per the data provided by Cryptoquant, the funds have been inactive since 2014. On July 20th 2022, Ghash decided to move the dormant tokens to two separate wallets. According to on-chain data, the coins were not sent to an exchange. Hence, there was no action in Bitcoin prices.

Why were the tokens moved?

Cryptoquant suspects that almost half of the BTC has gone to a custodian service. They suspect so because the type of address that received the coins requires multiple digital signatures. Moreover, this type of function is usually seen in wallets related to custodial services.

Although none of the BTC has been moved to an exchange as of yet, they could be sold sometime in the future. Furthermore, BTC mining has taken a hit in the latest crash with many miners quitting the industry and selling their gear. Although it must be taken into account that Ghash is now retired. So, it is possible that the financial crisis that has hit the global economic structure may push the miner into selling his BTC holdings.

Dormant Bitcoin wallets coming to life in 2022

Ghash’s wallet is not the only wallet that has come to life after many years of sleep. In March 2022, a dormant Bitcoin wallet came to life after nearly 12 years. The wallet contained 489 bitcoin worth millions of dollars. The BTC holdings in the wallet witnessed a 40 million percent increase when it was activated. Many speculated if the wallet belonged to Bitcoin creator, Satoshi Nakamoto.

Additionally, three Bitcoin wallets with 50 BTC each activated in April after, again, 12 years.

At press time, BTC was trading at $22,842.07, down by 1% in the last 24-hours.