11-year dormant BTC address moves $31 million.

A Bitcoin address that had been inactive for more than 11 years suddenly became active and transferred its entire balance of $31 million in BTC to a new address on July 22, 2023.

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11-year dormant BTC address moves $31 million. Early BTC Address Comes Back To Life

Bitcoin, a cryptocurrency that has been in existence since 2009, has numerous dormant addresses that have been inactive for years and contain large amounts of BTC. Some early adopters of Bitcoin were able to buy it at low prices, but the private keys to many of these addresses have been lost, rendering them inaccessible forever. However, some of these addresses occasionally become active again as the owner regains access to the funds.

This particular address is one of the earliest Bitcoin addresses and received its first transaction of 1,037 BTC in November 2012, according to on-chain data. At that time, each BTC was sold for only $12.41. Over the years, it has received regular small deposits of BTC. With the current price of Bitcoin at $29,828, the total value of this address is just over $31 million. 11-year dormant BTC address moves $31 million.

The sudden movement of funds by the owner after a long period of dormancy could be due to several reasons, such as regaining control of private keys or cashing out for profit. This event has the potential to create a buzz and ignite interest within the Bitcoin community.

Implications For The Price Of Bitcoin

Large movements of BTC can cause temporary price fluctuations, with an immediate selloff leading to a drop in Bitcoin's market price. However, such effects are typically short-lived, and an increase in circulating supply is unlikely to significantly impact Bitcoin's price in the long run due to its rapid rate of adoption.

Recently, dormant BTC addresses have been showing up in increasing numbers. For instance, in May, a similar address containing 1,000 BTC that had been dormant for more than 11 years moved 400 BTC to a new wallet. In February, a BTC address that had been dormant for 11 years came back to life to move $9.6 million worth of BTC.

These examples illustrate that even if an address has been dormant for a long time, there is always a possibility of the funds moving again. However, many of these addresses are lost forever. According to IntoTheBlock, around 29% of the total Bitcoin circulating supply is now presumed lost forever after remaining stagnant for over five years.

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.