Addresses That Sat Idle for Years Transferred 1,221 Bitcoins Worth $20M Over the Last 4 Days – Bitcoin News

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Dur­ing the last sev­en days, bitcoin’s price has remained above the $16K region fol­low­ing the after­math of FTX’s col­lapse. Since then, a num­ber of ‘sleep­ing bit­coins’ that sat idle for five to nine years have been mov­ing dur­ing the last four days. Bit­coins that were worth far less back then are being trans­ferred for the first time in years.

$20M Worth of Old Bitcoins Move After Sitting Dormant for Years

Bitcoin’s (BTC) price has remained steady dur­ing the last sev­en days, rang­ing between $16,150 to $16,995 per unit, and a brief jump over the $17K zone. Over the last four days, while BTC prices are much low­er than they were at the start of Novem­ber, hun­dreds of old bit­coins have been on the move.

For instance, two own­ers spent 348 bit­coin on Nov. 29, 2022, and the stash was once worth $348,000. We can’t real­ly tell whether or not the trans­ferred coins were sold, but they were spent from address­es cre­at­ed almost six years ago. Heuris­tics also indi­cate that out of the 348 bit­coin that sat dor­mant since March 2017, 299 of that BTC like­ly belonged to the same owner.

The five 59.99 BTC spends dis­cov­ered by btcparser.com were all from the same owner.

The 348 BTC is worth rough­ly 5.8 mil­lion nom­i­nal U.S. dol­lars using cur­rent BTC exchange rates. One own­er con­trolled “17HxA,” an address cre­at­ed on March 29, 2017, and it spent 48.88 BTC at block height 765,168. Coin­ci­dent­ly, five more trans­ac­tions, from address­es cre­at­ed at the end of March 2017, spent 59.99 BTC in each trans­ac­tion at block heights 765,169, 765,184, 765,185, 765,187, and 765,190.

On the same day, blockchain parsers from btcparser.com caught a 173.61 BTC spend from an idle address cre­at­ed on June 14, 2017, and anoth­er 100 BTC spend from an address cre­at­ed on April 12, 2014. The 100 bit­coin sat in an address idle for close to nine years, and at the time, each BTC was worth less than $500 per unit.

Fol­low­ing these old spends, a trans­ac­tion from an address first seen close to ten years ago, on April 26, 2013, beat all the spends trans­act­ed on Nov. 29, 2022. The trans­ac­tion took place on Dec. 2, 2022, and the wal­let “1EaAv” spent 600 so-called ‘sleep­ing bit­coins.’ The 600 BTC was worth around $84,000 on April 26, 2013, and today the coins that were spent at block height 765,644, are worth rough­ly $10.14 mil­lion using cur­rent BTC exchange rates.

Data shows that out of all the bit­coins spent since Nov. 29, which slept for rough­ly five to nine years, all of them com­bined were worth less than $800K in val­ue at the time the orig­i­nal address­es were cre­at­ed. Using exchange rates today, the 1,221.45 BTC that stemmed from ‘sleep­ing bit­coin’ address­es equates to around $20 mil­lion. Old hold­ers are mov­ing bit­coins that sat dor­mant for five to nine years, while cur­rent bit­coin prices are at the low­est val­ues in two years.

Tags in this story
$20 mil­lion, $800K, 1221.45 BTC, 2013, 2014, 2017, 600 sleep­ing bit­coins, ancient BTC, Bit­coin, Bit­coin (BTC), Blockchain, blockchain pars­er, BTC, Btcparser.com, dor­mant address­es, idle address­es, Old BTC, Onchain, onchain find­ings, pars­er, sleep­ing bitcoins

What do you think about the so-called ‘sleep­ing bit­coin’ address­es that have spent rough­ly $20 mil­lion in bit­coin dur­ing the last few days? Let us know what you think about this sub­ject in the com­ments sec­tion below. 

Jamie Redman 

Jamie Red­man is the News Lead at Bitcoin.com News and a finan­cial tech jour­nal­ist liv­ing in Flori­da. Red­man has been an active mem­ber of the cryp­tocur­ren­cy com­mu­ni­ty since 2011. He has a pas­sion for Bit­coin, open-source code, and decen­tral­ized appli­ca­tions. Since Sep­tem­ber 2015, Red­man has writ­ten more than 6,000 arti­cles for Bitcoin.com News about the dis­rup­tive pro­to­cols emerg­ing today.




Image Cred­its: Shut­ter­stock, Pix­abay, Wiki Commons

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