Thomas Daniels
A Bitcoin wallet that had remained inactive since 2014 has unexpectedly moved 174.88 bitcoins, valued at over $10.2 million. This significant transfer, first recorded on August 16, 2024, marks the first activity in nearly a decade for the wallet, which originally received the funds on January 8, 2014.
Bitcoin’s Evolution and Transaction Details
At the time of the initial deposit, Bitcoin was trading at around $800, giving the wallet’s 174.88 BTC a value of approximately $142,000. Over the years, Bitcoin’s price surged to an all-time high of $73,000 before stabilizing at current levels. This dramatic increase has multiplied the wallet’s value to more than $10.2 million.
The transaction was flagged by blockchain tracking service Whale Alert, which noted that the transfer incurred a transaction fee of 67,500 satoshis (approximately $39.43). Despite being 50 times higher than necessary, this fee facilitated a swift confirmation of the $10.2 million transaction.
Historical Context and Implications
In October 2018, the wallet’s balance was valued at about $896,000, and it surpassed the $5 million mark by late January 2021. After the recent transfer, the wallet’s balance now stands at a mere 0.00004226 BTC, or $2.50, based on the current Bitcoin price of $59,300.
The reactivation of dormant Bitcoin wallets has become increasingly common in recent months. While most dormant wallets hold coins from later years, there have been instances of early wallets — some dating back to Bitcoin’s creator, Satoshi Nakamoto — moving large sums. In July 2024, for example, a 12-year dormant wallet transferred $6.9 million in BTC, and another wallet moved $3 million in June after being inactive for over 14 years.
Market Impact and Investor Sentiment
As of 2024, approximately 18.3 million BTC are held in dormant wallets, a significant rise from the 7.4 million coins reported in January 2024, according to BitInfoCharts. The movement of BTC from dormant wallets is closely monitored by investors, as it can introduce new supply pressures that might impact market prices, potentially leading to increased volatility.
