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Crypto News

Dormant Bitcoin Whale Moves $88M in BTC After Nearly Nine Years

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

bitcoin whale

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A significant movement of Bitcoins, dormant since 2015, has recently been observed, stirring substantial value in the cryptocurrency market. On December 18, 2023, a Bitcoin whale transferred 2,101 bitcoins, which were inactive for eight years and ten months. This transfer, valued at $88.55 million based on current BTC exchange rates, has caught the crypto community’s attention.

The origins of this movement trace back to February 17, 2015, when the wallet address “1DJs7” first received these bitcoins from another address, “1CJee.” At that time, the total value of the 2,101 BTC was approximately $510,543, with each Bitcoin priced at $243. The sender, wallet “1CJee,” had acquired these bitcoins on August 7, 2014, from two different addresses.

Fast forward to the present; the P2PKH address “1DJs7” has now distributed these bitcoins to two new addresses. About 1,762.99 BTC was sent to another P2PKH address (1GtUy), while 338 BTC was moved to a Bech32 (bc1qj) address, which utilizes the Segwit address format. The transferred $88 million worth of Bitcoin remains untouched in these addresses. The transaction cost was approximately $26.77 or 290 satoshis per virtual byte.

According to Blockchair’s privacy tool, this transaction scored a privacy rating of 0 out of 100, indicating potential security and privacy concerns due to matched address identification and other factors.

Additionally, on December 15, 2023, there was activity from four seven-year-old addresses (1, 2, 3, 4) dating back to October and December 2016, involving a transfer of 734.98 BTC, valued at $30.93 million. These movements, likely from the same entity, were confirmed at block heights 821,361 and 821,367, respectively.

The motives behind these transfers, whether for selling, enhancing security, or updating addresses, remain unclear. Such actions by Bitcoin whales often lead to speculation within the crypto community. These recent activities highlight an emerging trend where ‘sleeping bitcoins,’ dormant for years, are being reactivated, sparking curiosity and debate among market observers and participants.