Long-dormant 2011 Bitcoin wallets reawaken, moving $4.7 million in BTC

Two Bitcoin wallets that had been dormant for over 13 years have recently sprung back to life, transferring a combined total of 75 BTC, worth approximately $4.7 million.

On August 25, at block height 858,324, two wallets created on February 8, 2011, were activated for the first time in over a decade. The first wallet, identified as “ 1EySSG ,” transferred 10.41 BTC in two transactions—one for 9.41 BTC and another for 1 BTC. Simultaneously, another legacy wallet, “ 1L8SX ,” moved 64.59 BTC from a wallet established on February 8, 2011.

The “1L8SX” wallet split its funds into two transactions as well— 63.59 BTC and 1 BTC . All of the transferred Bitcoin from these wallets was subsequently consolidated into a Bech32 or native Segregated Witness wallet known as “ bc1q7 .”

Bitcoin transactions from 2011 remain rarer compared to those from later years

This sudden activity is particularly significant as it marks the only BTC movement from 2011 observed this month, highlighting the rare nature of such transactions amid the broader trend of dormant Bitcoin reawakening.

While the reactivation of old BTC wallets is a relatively common occurrence, recent transfers have predominantly been from addresses created between 2013 and 2017. 

BTC transactions from 2009, 2010, and 2011 are less frequent than those from later years. There haven’t been any Bitcoin movements from 2009 since 2020, and the most recent transaction from 2010 occurred on July 16, when 10 BTC were transferred from an address created that year. While transactions from 2011 are more common, they remain much rarer compared to those from later years.

Dormant BTC wallets stir the market as millions are transferred

Several dormant BTC wallets have recently been reactivated, moving millions of dollars into Bitcoin and sparking market speculation. As per BitInfoCharts , the number of Bitcoins in inactive wallets has increased from 7.4 million coins in January 2024 to 18.3 million now. These movements are closely monitored by the investors because they can develop into new supply pressures and higher market volatility.

The sudden activation of this old Bitcoin wallet highlights how BTC’s value has skyrocketed over the past decade.