This 11.8-year dormant crypto wallet has successfully bagged a profit of about 496,603.31%.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Another dormant Bitcoin (BTC) wallet has started showing signs of activity for the first time in more than 11 years. This is one of the longest dormancy periods that has recorded new activity in the last couple of weeks. Blockchain analytics platform Spot On Chain announced that the dormant wallet “1EhXAfST” suddenly woke up after 11.8 years of inactivity.
Upon reactivation, 1,000 Bitcoin was transferred to two new wallets. At the time of the transactions, the crypto coins were valued at approximately $60 million. However, Bitcoin is currently worth $62,877.94 after registering a 4.64% increase within the last 24 hours. By this value, the transferred Bitcoin from the previously dormant wallet is approximately $62.8 million.
4 hours ago, the dormant wallet “1EhXAfST” woke up after 11.8 years and moved 1,000 $BTC (~$60M) to 2 new wallets!
The wallet received those $BTC on Sep 25, 2012, when the price was only $12.06 ($12.06K).
Watch out for more #Bitcoin updates by following @spotonchain and setting… pic.twitter.com/0YUVUWFKdJ
— Spot On Chain (@spotonchain) July 15, 2024
Noteworthy, when the wallet received those BTC on September 25, 2012, Bitcoin was yet to receive visibility or even register mainstream adoption. A unit of Bitcoin was only worth about $12.1, therefore, the entire holding was worth $12,100. Conversely, this 11.8-year dormant crypto wallet has successfully bagged a profit of about 496,603.31%.
The last two months have seen the reactivation of several dormant Bitcoin wallets including two addresses containing about 50 Bitcoin. These ones were reactivated on July 12 after more than 10 years of dormancy. Then again, another ancient address containing 48 Bitcoin registered activity on July 8 after 13 years of dormancy.
Two days before that, there was a bigger transfer of 1,004 BTC by a Bitcoin whale wallet that was inactive for over a decade. This makes the wallet recently identified by Spot On Chain the second whale address with about 1,000 BTC to come alive this month.
In June, a dormant Bitcoin whale became active after five long years of silence. It transferred 8,000 Bitcoin that was worth $536.5 million from a Coinbase cold storage wallet. It turns out that the address “1ABww1…mCSKq” received a total of 8,000 Bitcoins at block 847,490, according to data shared by blockchain analytics firm Arkham Intelligence. The 8,000 BTC were accumulated in batches of 200 BTC.
Crypto analytics platform Lookonchain also spotted activities from a Bitcoin miner’s wallet that have been silent for the last 14 years. Its activity was caught when it transferred 50 BTC to the leading cryptocurrency exchange Binance. Notably, the 50 Bitcoin units was secured from the owner’s mining activity on July 14, 2010.
Such sudden activity on wallets, especially if they transfer funds to exchange deposit addresses, are usually an indication of a likely selling activity. Unfortunately, the whale Bitcoin dumps coupled with that of the German government, caused the price of BTC to decline significantly to as low as $52,000. It was only recently that the coin began to recover.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
