A secret Bitcoin (BTC) whale is on the move, suddenly moving tens of millions of dollars worth of the crypto king after holding it for more than a decade.
The CEO of CryptoQuant, Ki Young Ju, says that 1,400 BTC worth more than $36 million that had been dormant were sent to a Pay-to-Taproot (P2TR) address. He bases this on new data from the blockchain.
“1,400 BTC that had been sitting idle for 10 years were moved to a P2TR address, possibly for more privacy.”
P2TR is a type of transaction made possible by the Taproot soft-fork upgrade in 2021. It gives users more privacy and freedom by letting them spend their BTC in more complicated output paths and scripts.
Since the beginning of 2023, many “ancient” Bitcoin wallets have been active again for no clear reason.
In April, a service called Whale Alert saw a wallet that hadn’t been used since May 9, 2011 suddenly send 400 BTC worth about $10.9 million to another address. This happened after the wallet had been inactive for almost 12 years.
Just a few days before that, the blockchain-monitoring tool BTCparser saw that two Bitcoin addresses that got their BTC stacks in 2009 moved a total of 100 Bitcoin within minutes of each other.
The older of the two addresses was made on November 22, 2009, and 50 BTC were sent to an address that nobody knew. The other wallet was made on November 23, 2009, and a little more than 50 Bitcoin were also sent to an unknown address.
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