A Bitcoin address inactive for over 3 years unexpectedly moved around $140 million worth of BTC earlier this week. Blockchain tracking firm PeckShieldAlert tweeted that the dormant wallet with over 5,000 BTC executed transfers to three addresses.
The wallet’s original BTC deposit occurred in early 2020, when prices languished below $10,000. After three quiet years, the stash worth over $140 million at current valuations was suddenly put into play.
Bitcoin dormant addresses are becoming active
This is not the first instance of long-dormant Bitcoin fortunes shifting this year. In September, a wallet inactive since 2016 transferred 2,100 BTC, now worth $56.3 million.
Whale watchers speculate on various motives when hibernating wallets awaken, from taking profits to estate planning and security measures.
Despite the chatter when whales move dormant stashes, Bitcoin’s price has remained relatively unfazed. The past transfers up to $252 million barely registered on BTC’s chart.
Currently, Bitcoin hovers around $27,491, with minimal impact from the latest decades-old wallet transferring its appreciated holdings. Dormant Bitcoin supplies regularly re-entering circulation are to be expected during bull runs as holders seize opportunities to realize vast gains.