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.
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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.
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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.