The recent market crash has witnessed a lot of activity in the crypto sector and substantial panic among investors.
In recent times, Bitcoin (BTC) wallets that have remained dormant for decades have come into action and about three such cases have been observed. A wallet holding 3,500 BTCs since 2011 showed a movement for the first time in 11 years.
Similarly, two other cases have been observed, first where a BTC address “1QBG9 moved 25 BTCs to a 10-year old wallet (created on November 13, 2011) at block height 762,719. Second, on November 14, 2022, 50 BTC from 2010(created on May 23, 2010) with address “1LB8B”, were spent at block height 763,149 after being silent for all this while.
Another 5-year wallet (created on July 31, 2017) with the BTC address “1LVBn” has suddenly come into activity after being inactive for over 5 years. While the address is not so old, what is significant is that the holder of the wallet has spent over 6,522.40 BTC which is worth more than $107 million at the present rates.
As per data, when the BTC address “1LVBn” was created, BTC was trading at $2,875 i.e. the 6,522 BTCs that it sold recently would be worth over $18.7 million. Hence, the stash of 6,522 BTCs if sold today would yield an estimated profit of more than 472%.
This wallet is also connected to close to 10,000 BTCs with an address created on May 29, 2011. If it was the same owner that acquired approximately 9,478.77 BTC on May 29, 2011, the individual or entity could have gained it at $8.30 per unit. With that price in 2011, the owner could have gained a profit of over 1,189% against the U.S. dollar in the past decade.
As per the blockchain’s data, the funds don’t seem to be transferred to an exchange and the 6,522 BTCs currently are in two different addresses. The share containing 6,061 BTCs went to the address “1AkJq” whereas 460.57 BTC were transferred to the address “bc1qt” and the net sent remains idle at the time of publishing.
Surprisingly, the spending of these 6,522 BTC was done without any privacy concerns and privacy tools have rated the transfer a privacy rating of zero or critical. It was easy for analysts to trace the activities of these BTC by the owner.
However, we also speculate that the transfer of the BTCs could be a mere change of accounts authorized under the same owner and not precisely sold to someone else.