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$11.4 Million in “Sleeping Bitcoins” Awaken After Years

Author

Jay Solano

Tags

Reading time

1 min
Last update

Author

Jay Solano

Tags

Category

News - Archive

Reading time

1 min
Last update

Author

Jay Solano

Tags

Reading time

1 min
Last update

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Bitcoin’s value hovered just above $29,000 on Saturday afternoon when a seven-year-old stockpile of 195.79 bitcoins was transferred for the first time since 2016. After this, 2014 bitcoins were spent for the first time in nearly a decade.

On August 12, 2023, 391.305 BTC, worth $11.4 million, awoke. Sleeping bitcoins are unspendable and inactive bitcoins in an address.

Due to their inactivity, these bitcoins are called “asleep.” Cryptocurrency enthusiasts speculate about them. These inactive assets might potentially shake the market.

Lost access, long-term cold storage, forgotten possessions, inherited or legal hurdles, or a strategic decision to hold can explain these sleeping bitcoin wallets.

Btcparser.com, which found Saturday’s 2016 and 2014 spends, finds these sleeping stashes. A March 2016 address released 195.795 BTC worth $5.7 million at block height 802,827.

Four transactions to “bc1qn” caused this significant event. The user spent 195.795 bitcoin cash (BCH) on December 7, 2017.

On August 12, 2023, at block heights 802,872 and 802,879, 100 and 66.589 bitcoins were moved for the first time since April 2014. For the first time in nine years, 28.93 BTC from March 22, 2014, were relocated at the same block height.

Spending or moving sleeping bitcoins might be complicated, depending on an individual’s circumstances and other variables. To profit from a Bitcoin price increase, owners may sell or trade their inactive holdings.

These assets may be moved due to changing financial demands, wallet security concerns, or a desire for a safer storage solution. Financial, legal, psychological, strategic, and emotional factors influence the choice to awaken sleeping bitcoins.