Addresses that have been idle for years have transferred 1,221 bitcoins worth $20 million in the last 4 days – Bitcoin News


For the past seven days, the price of bitcoin has remained above the $16,000 region since the collapse of FTX. Since then, a number of “dormant bitcoins” that have been idle for five to nine years have been moving in the past four days. Bitcoins, then cheaper, are being transferred for the first time in years.

$20 million worth of old bitcoins are on the move after years of being dormant

The price of Bitcoin (BTC) has remained stable over the past seven days, ranging between $16,150 and $16,995 per unit, with a brief bounce from the $17K zone. Over the last four days, BTC prices have been much lower than at the beginning of November, but hundreds of old bitcoins are still on the move.

For example, on November 29, 2022, two owners spent 348 bitcoins, and the stash was once worth $348,000. We cannot say for sure if the transferred coins were sold, but they were spent from addresses created about six years ago. The heuristics also show that of the 348 bitcoins that have been dormant since March 2017, 299 likely belong to the same owner.

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

348 BTC is worth about 5.8 million nominal USD using current BTC exchange rates. One owner controlled the address “17HxA” created on March 29, 2017, and he spent 48.88 BTC at a block height of 765,168. Coincidentally, five more transactions from addresses created in late March 2017 spent 59.99 BTC per transaction at block heights 765,169, 765,184, 765,185, 765,187, and 765,190.

On the same day, blockchain analysts from btcparser.com reported spending 173.61 BTC from an empty address created on June 14, 2017, and another 100 BTC from an address created on April 12, 2014. 100 bitcoins sitting in an empty address. it was nearly nine years, and at that time it was less than $500 per BTC unit.

After these old charges, a transaction from an address first seen nearly a decade ago, on April 26, 2013, surpassed all charges made on November 29, 2022. The transaction took place on December 2, 2022, and wallet “1EaAv” spent 600 so-called “dormant bitcoins”. 600 BTC was worth about $84,000 on April 26, 2013, and the coins spent today at a block height of 765,644 are worth about $10.14 million using current BTC exchange rates.

The data shows that all the bitcoins spent since November 29 and lying dormant for about 5-9 years were worth less than $800,000 when the original addresses were created. Using today’s exchange rates, 1,221.45 BTC originating from ‘dormant bitcoin’ addresses is equivalent to about $20 million. Old owners are moving bitcoins that have been sitting idle for five to nine years, while current bitcoin prices are at two-year lows.

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$20 million, $800k, 1221.45 BTC, 2013, 2014, 2017, 600 dream bitcoins, ancient BTC, Bitcoin, Bitcoin (BTC), Blockchain, blockchain analyzer, BTC, Btcparser.com, dormant addresses, BTC, old addresses, Oldchain , onchain findings, analyzer, dream bitcoins

What do you think of the so-called “dormant bitcoin” addresses that spent nearly $20 million in bitcoin over the past few days? Let us know what you think about this topic in the comments section below.

Jamie Redman

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




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