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Dormant Bitcoin (BTC) Address Springs to Life, Transfers $140 Million

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Sun, 8/10/2023 - 10:22
Dormant Bitcoin (BTC) Address Springs to Life, Transfers $140 Million
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A dormant Bitcoin (BTC) address, which has been inactive for three years, suddenly transferred approximately 5,000 Bitcoins (BTC), equivalent to around $140 million. The sizable transfer was split among three addresses, as noted by PeckShield, a leading blockchain security firm.

Dormant whales in action

This is not the first instance of a dormant Bitcoin address springing back to life in recent months. In August of this year, a Bitcoin address from the era of Bitcoin's enigmatic founder, Satoshi Nakamoto, was reactivated after being dormant for nearly 13 years. The address transferred a whopping 1,005 BTC, roughly valued at $29.7 million. Given the age of this address, it reignited speculations about its potential connection to Satoshi Nakamoto. However, experts were quick to advise caution, emphasizing the improbability of such claims.

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In September, another dormant address holding approximately 2,100 BTC, valued at $56.3 million, became active again after nearly six years of inactivity. The original deposit to this address was made in October 2017, when Bitcoin's price was substantially lower.

Similarly, in January, an address that had not seen any action for 3.5 years moved all its 15,000 BTC, an amount close to $252.5 million at the time.

Whales move, Bitcoin steadies

Dormant Bitcoin addresses becoming active often spark speculation, with theories suggesting that original holders are either cashing out due to Bitcoin's appreciated value, engaging in estate planning, or redistributing their assets for enhanced security amid advanced blockchain analysis.

Despite these significant transfers, the Bitcoin price remains relatively stable, currently sitting at $27,931.81 with a marginal change of 0.3%.

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