$60M Dormant Bitcoin Wallet Emerges After Nearly 12 Years of Slumber

Just as Bitcoin reclaimed the $63,000 level at the start of this week, Whale Alert has identified the activation of a dormant address containing 1,000 BTC, worth approximately $60 million, on July 15th, after more than a decade of inactivity.

This wallet initially received the stash around 11 years and 9 months ago, on September 25, 2012, valued at a mere $11,908.

According to the data compiled by Blockchain.com, the first outgoing transaction from this wallet was broadcast on January 19, 2024. The wallet’s value has surged by roughly 500,000% during its long period of inactivity.

The latest transaction saw the 1,000 BTC transferred to a new address, although the reasons for this move and the identity of the wallet’s owner remain unknown.

The latest activity comes as BTC trades slightly above $63,000 after rising by more than 5% in the last 24 hours. The bullish revival pushed its weekly gains to over 12%.

Over the past few weeks several Bitcoin wallets which were dormant for years, have been observed to have remerged moving millions of funds. On July 4th, for instance, a dormant address holding 119 BTC worth nearly $7 million moved funds for the first time in more than 12 years.

An early Bitcoin miner, which had been inactive for 14 years, transferred its entire stash of 50 BTC worth approximately $3.05 million to Binance last month.

Another Bitcoin wallet transferred over 8,000 BTC, worth more than $536 million, from Coinbase cold storage after more than five and a half years of inactivity.