On-chain data shows that two ancient Bitcoin wallets, dormant for 14 years, were awakened today (4th), transferring a total of 20,000 bitcoins worth up to 2.18 billion USD, shocking the cryptocurrency community.
According to Blockchain.com data, these 20,000 bitcoins can be traced back to April 3, 2011, when the address '1HqXB…gDwcK' transferred a total of 23,377.83 bitcoins to three wallets, with '12tLs…xj2me' and '1KbrS…AWJYm' each receiving 10,000 bitcoins, while the remaining 3,377.83 bitcoins were sent to a third wallet.
What is astonishing is that these 20,000 bitcoins had not been used for the past 14 years, during which several bull markets occurred. Even when Bitcoin set a historical high of 111,814 USD in May this year, these coins remained dormant until transferred earlier today, with the two transactions occurring within half an hour of each other. As for the other batch of 3,377.83 bitcoins, it had been withdrawn or transferred as early as 2011.
Source: Blockchain.com
It is understood that these two 'new wallets' currently only have one transaction record, meaning that the 20,000 bitcoins have not been further transferred. The identity and background of the wallet owner, as well as whether they are controlled by the same person, remain unknown. Is this an early whale returning? Or a cold wallet that has been hacked? Or perhaps a change of ownership? The market is rife with speculation, and it may be difficult to clarify in the short term.
Since 2011, the price of Bitcoin has skyrocketed from about 0.39 USD per coin to now over 100,000 USD, making the asset of 20,000 bitcoins rise from an initial 7,800 USD to over 2.18 billion USD, appreciating more than 279,000 times in 14 years, a classic legend of the 'Bitcoin Sleeping Tycoon.'
Market analysis indicates that Bitcoin's recent trend is stable yet strong, and if there are favorable catalysts, it is expected to break historical highs. However, the awakening of 'old coins' has historically been seen as a potential source of selling pressure, so whether they will be sold remains to be seen.
"14 Years of Dormancy, Value Soars 279,000 Times! '2 Dormant Wallets' Suddenly Awaken, Transferring 20,000 Bitcoins" was first published on (Blockkey).
