Bitcoin Address Dormant for Over 3 Years Suddenly Moves $140 Million Worth of BTC
In a surprising turn of events, a Bitcoin wallet that had been inactive for over three years has suddenly come to life, transferring approximately 5,000 BTC, valued at around $140 million USD, to three different addresses. The blockchain monitoring company PeckShieldAlert broke the news through a tweet, bringing attention to this unexpected and significant transaction.
The dormant Bitcoin address, known as 1LH1dY…ztTz, had remained untouched since early 2020 when the price of Bitcoin plummeted to below $10,000. After three years of silence, the funds, now worth more than $140 million USD based on the current valuation, have been put into use.
— PeckShieldAlert (@PeckShieldAlert) October 8, 2023
Here are the three recipient addresses of the Bitcoin transfer:
This isn’t the first instance this year of long-dormant Bitcoin wallets suddenly awakening. In September, a wallet that had remained inactive since 2016 moved 2,100 BTC, now valued at $56.3 million USD. These occurrences have piqued the interest of cryptocurrency enthusiasts, who speculate about various motives behind these actions, ranging from profit-taking to asset planning and security measures.
Despite the chatter surrounding these dormant wallet movements, the price of Bitcoin has remained relatively stable, fluctuating around $27,960 USD at the time of this report. It is expected that inactive Bitcoin supplies will periodically re-enter circulation during bull markets, as holders seize opportunities to realize substantial profits.
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