On Nov. 16, 2022, at Bitcoin block height 763,474, someone transferred 6,522 bitcoin worth roughly $107 million after the coins sat idle for more than five years. While bitcoin’s value is 75% lower than it was a year ago, so-called sleeping bitcoins have been waking up amid the recent crypto market capitulation.
While Bitcoin’s Price Remains 75% Lower Than a Year Ago, a Slew of Old Bitcoins Start Moving After Years of Inactivity
Five days ago, 3,500 bitcoin from 2011 were transferred for the first time in 11 Years. Amid the crypto market carnage associated with FTX, old coins have been waking up for some reason, and they have been moving to unknown wallets. For instance, the bitcoin address “1QBG9,” moved 25 BTC at block height 762,719 from an address created on Nov. 13, 2011.
Not too long after that, 50 bitcoin from 2010 were spent on Nov. 14, 2022, after sitting idle for over a decade. The bitcoin address “1LB8B,” which moved the 50 BTC at block height 763,149 was created on May 23, 2010. All three of those sightings were bitcoins stored in addresses that remained idle for more than a decade.
6,522 Bitcoin Worth Over $107 Million Move After More Than 5 Years of Slumber
Two days after the 50 bitcoin from 2010 moved, BTC that derived from an address created on July 31, 2017, moved after sitting idle for more than five years. While that’s not super old, blockchain parsers from btcparser.com caught the individual or entity spend approximately 6,522.40 BTC.
The stash is worth more than $107 million using today’s BTC exchange rates. The bitcoin address “1LVBn” is also connected to close to 10,000 BTC first accrued in an address created on May 29, 2011. When the “1LVBn” bitcoin address was created on July 31, 2017, bitcoin was trading for $2,875 per unit according to statmuse.com metrics.
That means the cache of 6,522 bitcoins was only worth roughly $18.7 million before it went to sleep for more than five years. If the stash of 6,522 bitcoins were sold today, the owner would have profited by more than 472%.
If it was the same owner that acquired approximately 9,478.77 BTC on May 29, 2011, the individual could have acquired the bitcoins at