As reported by Peckshield Alert, a dormant Bitcoin address, "1MMXRA," which had been inactive for 11 years with 412.23 BTC, has been reactivated. The address that purchased the said 412.23 BTC in September 2012 made its first transfer in about 11 years.
#PeckShieldAlert A dormant $BTC address 1MMXRA (which has been inactive for 11 years) has transferred ~412 BTC (~$9.6M) out (Credit to @BlockBeatsAsia)https://t.co/ZJh4yeMD49 pic.twitter.com/uasdbBekek— PeckShieldAlert (@PeckShieldAlert) February 8, 2023
The amount of 412.12 BTC was moved from the wallet in one transaction, leaving the address with a balance of 0.11 BTC worth $2,572. Per data from bitinfocharts, the address made a profit of $9.5 million, or $9,571,542, owing to a price change or appreciation.
This comes as Bitcoin has grown in value over the years. Bitcoin traded near $12.36 around the time the address purchased its Bitcoin stash in late September 2012.
While one cannot rule out the staying power and conviction of the owner to be able to "hodl" for over 11 years, it is also possible that the wallet was reactivated once its owner was able to unlock it.
Bitcoin price action
At the time of publication, Bitcoin was trading at $23,198, up 1.26% in the last 24 hours. Cryptocurrencies rebounded on Tuesday as investors cheered Federal Reserve Chair Jerome Powell's remarks on disinflation, expecting they would mean the central bank could continue to slow its interest rate hike campaign.
"The disinflationary process, the process of getting inflation down, has begun, and it's begun in the goods sector, but it has a long way to go. These are the very early stages of disinflation," Powell stated.
Later in the conversation, Powell warned that the Fed might be obliged to hike rates more aggressively, which would have briefly spooked investors.