According to the data from the blockchain analysis platform Lookonchain, a Bitcoin wallet that has been dormant for 14 years has reappeared. The entity transferred 50 bitcoins to Binance, worth approximately $3.05 million.
The dormant wallet belonged to an early Bitcoin miner and resurfaced on Thursday, moving its entire balance of 50 bitcoins to the cryptocurrency exchange Binance, valued at around $3.05 million.
Lookonchain pointed out that the wallet address, which had been inactive since July 14, 2010, received a mining reward of 50 bitcoins on the same day and has been holding onto the cryptocurrency ever since.
Bitcoin’s trading price was below $1 in 2010 and did not exceed this threshold until February 2011. By June of that year, the price had reached a peak of $30. Currently, the cryptocurrency is approaching $61,000.
The bitcoins mined in 2010 are among the earliest and most coveted in the cryptocurrency world. The sudden activation of this coin may foreshadow various market sentiments, including renewed interest from early adopters.
It is widely believed that when the owners of old wallets become active, this may indicate their intention to sell the assets they hold. Sometimes, holders will transfer BTC to different addresses for further transactions.
The reactivation of dormant wallets from the Satoshi era is not a new phenomenon. From 2009 to 2011, the pseudonymous creator of Bitcoin was very active, and similar activity was also observed in several wallets from that time period.
In March 2022, another wallet containing 489 bitcoins was reactivated after being dormant for 11.4 years, valued at $20 million at the time. This wallet saw an impressive return of 42,000,000%.
In July and August 2023, the on-chain analysis company discovered two significant whale wallets that had been idle for over a decade. These whales transferred thousands of BTC from their addresses, with one moving 1037 BTC to a new address, valued at $37.8 million, and the other transferring 1005 BTC, worth $29.7 million at the time.
In April 2024, another wallet that had been dormant for 14 years transferred 50 bitcoins, valued at over $3.28 million at the time, to Coinbase. Additionally, a major Bitcoin holder who had been dormant for ten years took action in April, transferring 246 bitcoins from an address holding 1701 bitcoins. This whale had acquired 4272 bitcoins in 2013, when the average price of Bitcoin was $29.39.