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Satoshi-Era Bitcoin Wallet Reactivates After 10 Years as Bitcoin Hits $65k

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A Bitcoin wallet containing 687 BTC (worth $43.9 million at current prices) has been reactivated after 10.3 years of dormancy.

The wallet, which dates back to the Satoshi era when Bitcoin’s pseudonymous founder was still active online, transferred its holdings to two different addresses on May 6, 2024.


TLDR

  • A dormant Bitcoin address from the Satoshi era, containing 687 BTC (worth $43.9 million), has been reactivated after 10.3 years of inactivity.
  • The funds were transferred to two different wallets, with 625.43 BTC going to one address and 61.9 BTC to another.
  • According to Chainalysis, there are 1.75 million Bitcoin wallets that have remained inactive for over a decade, collectively holding 1,798,681 BTC (worth around $121 billion at current prices).
  • In recent years, several Satoshi-era wallets have been activated, transferring significant amounts of BTC to new addresses or crypto exchanges, possibly to take profits.
  • The reactivation of the dormant wallet coincided with Bitcoin’s surge to $64,000 over the weekend, following a week of significant dips.

The wallet transferred 625.43 BTC to one address and the remaining 61.9 BTC to another. The movement of funds from old wallets, especially those from the Satoshi era, often generates interest among crypto enthusiasts.

???? ???? ???? ???? ???? A dormant address containing 687 #BTC (43,893,168 USD) has just been activated after 10.3 years!https://t.co/l31uAyadYZ

— Whale Alert (@whale_alert) May 6, 2024

Some speculate that these wallets may be linked to Satoshi Nakamoto, while others believe they belong to early miners or buyers looking to take profits.

According to a report by Chainalysis, there are approximately 1.75 million Bitcoin wallets that have remained inactive for more than a decade. These dormant wallets collectively hold 1,798,681 BTC, worth around $121 billion at current prices.

Whoa, talk about a blast from the past! Imagine leaving that kind of treasure untouched for over a decade and then deciding, "Hey, maybe its time to wake up." Wonder what story lies behind those 687 #BTC making a comeback after all these years. Its like finding buried treasure in…

— Crypto Signals (@CryptoSignalsU) May 6, 2024

Many of these wallets are believed to contain Bitcoin purchased when the price was significantly lower, potentially in the double digits.

In recent years, several Satoshi-era wallets have been reactivated, transferring substantial amounts of BTC to new addresses or crypto exchanges.

In July 2023, a wallet dormant for 11 years transferred $30 million in BTC, while in November 2023, three Satoshi-era wallets transferred $230 million in BTC after six years of inactivity. These wallets are thought to be connected to the same individual or organization.

The reactivation of the dormant wallet coincided with Bitcoin’s surge to $64,000 over the weekend and just hitting $65k today, following a week of significant dips.

The world’s first decentralized cryptocurrency had plunged to $58,000 at one point, raising concerns among investors. However, the recent price recovery has revitalized the cryptocurrency industry and reignited interest in the activities of Bitcoin whales.

The post Satoshi-Era Bitcoin Wallet Reactivates After 10 Years as Bitcoin Hits $65k appeared first on Blockonomi.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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