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After lying dormant for eleven years, an ancient Bitcoin wallet address recently moved over $30 million worth of BTC to a new wallet.
Experts view this recent development as an indication of a significant entry by a high-volume player into the cryptocurrency space.
1,037 Bitcoins After 11 Years Equals 600,000% Gain
On July 22, 2023, an inactive Bitcoin wallet address containing 1,037 BTC tokens showed renewed activity, per Blockchain Explorer data report.
💤 💤 💤 💤 A dormant address containing 1,037 #BTC (31,080,234 USD) has just been activated after 11.3 years!https://t.co/6cW9vnTOhD
— Whale Alert (@whale_alert) July 22, 2023
After an 11-year dormancy, the address “1MchKSZg4ETtfxJdhNXrDxg3hp9UAiNZ96” recently moved its entire $BTC token holdings, valued at $31,064,372, to a new address.
According to Lookonchain, an on-chain analysis platform, an ancient address received its first-ever transaction of 1,037 BTC tokens on April 11, 2012.
A BTC whale that has been dormant for 11 years transferred all 1,037.42 $BTC($37.8M) to a new address"bc1qtl" an hour ago.
The whale received 1,037.42 $BTC($5,107 at that time) on Apr 11, 2012, when the price was $4.92.https://t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8
— Lookonchain (@lookonchain) July 22, 2023
Back then, the largest crypto asset was priced at $4.92 per token, resulting in a total stash value of up to $5,102.
The crypto market has experienced significant growth over the past eleven years and continues to show promising potential for the future.
At the time of the transfer, the price of $BTC was $29,956 per token, marking an astounding 600,000% gain since 2012.
The remarkable gains have boosted the total value of the stash from $5,102 to an astonishing $31 million.
Blockchair transaction data record of dormant wallet address.
An anonymous large-volume address owner recently moved 1,037 BTC tokens after eleven years of inactivity, with no official statement or specific reason disclosed for the sudden move.
According to crypto experts, there are various possibilities for recent actions, including withdrawal, profit-taking, or reacquiring control of private keys.
The sudden reactivation of a dormant Bitcoin address undoubtedly indicates the presence of a new crypto whale in the market, potentially influencing the Bitcoin market in the days ahead.
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