Bitcoin

Silk Road

Million

Liquidity Network

In a remarkable turn of events, a dormant Bitcoin (BTC) wallet that had remained untouched for 11 years has suddenly come to life, transferring its entire stash of over 1,037 Bitcoin. At current market prices, this amounts to a staggering $31 million worth of BTC. 
The transfer occurred at a Bitcoin price of $29,956 and took place at block height 799701, around 10:51 am UTC on July 22, as reported by BitInfoCharts. According to on-chain analytics platform Lookonchain, this long-dormant address had acquired the 1,037 BTC back on April 11, 2012, when the price of Bitcoin was just $4.92, valuing the stash at a modest $5,108 at the time. 
The recipient of this massive transfer appears to be a fresh wallet address identified as “bc1qt180…,” which now holds the considerable sum of $31 million in BTC, according to data from blockchain aggregator Blockchair. 
Notably, the original Bitcoin wallet that initiated the transfer had previously peaked in value at $71.6 million when Bitcoin reached its all-time high price of $69,044 on November 10, as per cryptocurrency price platform CoinGecko. 
Interestingly, the United States government has also been involved in significant BTC transactions. Just ten days before this particular transfer, the U.S. government transferred nearly 10,000 BTC, equivalent to $299 million, in relation to the Silk Road seizure. 
However, it remains unclear whether these funds were sent to cryptocurrency exchanges or remain under the custody of the Justice Department. 
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This event adds to a list of other enigmatic wallet movements that have taken place recently. On June 11, a mysterious Bitcoin whale moved 1,400 BTC worth $36 million at the time, opting for a Pay-to-Taproot address, potentially to enhance privacy, according to CryptoQuant CEO Ki Young Ju. 
In April, another intriguing Bitcoin address transferred 2,071 BTC, valued at $60 million, almost a decade after acquiring them at a price of $663, again reported by Lookonchain. 
Despite these high-value transfers, an impressive 55% of BTC has not moved in over two years, as shown in a chart by on-chain analytics firm Glassnode, which was shared by cryptocurrency researcher Will Clemente. 
As of now, BTC is priced at $30,082. Although the cryptocurrency has seen an 81.8% increase in 2023, it still remains 56.4% below its all-time high reached in November 2021, according to CoinGecko. 
The market continues to be full of surprises as dormant wallets awake, governments engage in crypto movements, and investor behavior keeps evolving. 
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11-Year Dormant Bitcoin Wallet Awakens and Transfers $31 Million in BTC

Crypto Intelligence

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