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Bitcoin addresses that have been dormant since 2019 are now making their comebacks with gigantic transactions spotted on-chain.
Bitcoin Addresses Awakening and the Odd Trend
The Bitcoin addresses that sprung to life were spotted by crypto intelligence and analytics provider Arkham Intelligence and per the data, a total of $2 billion has been moved with this re-awakening.
In a series of 5 unique transactions, approximately 49,852 BTC has moved on-chain with all the transactions initiated at the same time. One of the Bitcoin addresses labeled ‘old-btc-jan-2024 (31z8K)’ moved 9.952k BTC valued at approximately $427.16 million. Another wallet with the tag ‘3BL5T’ moved a slightly high number coming in at 10.486K valued at $450.26 million.
Besides these two Bitcoin addresses, the biggest transaction features 11.115K BTC from the ‘33adD’ address with the valuation of these funds coming in at $478.15 million. Besides the 9.445K BTC from the address tagged “3KNWi” which is valued at $405.56 million, the lowest transaction came from the address tagged “3Fs3V” including 8.859K BTC worth $281.1 million.
$2 BILLION of dormant Bitcoin moved just before US market open today, across several linked addresses.
The BTC had moved once in 2019, and before that had been dormant since 2013. pic.twitter.com/xD4frjzQuP
— Arkham (@ArkhamIntel) January 16, 2024
Wallets waking from the dead is not unusual, the timing and historical trend of this particular wallet presents the twist that makes this transaction interesting. First, 2 of the 5 transactions from the Bitcoin addresses were transferred to the wallet labeled “bc1q9” while the remaining three were moved to different wallets but with an “old” designation as well.
According to the Arkham Intelligence insight, the wallets are always getting locked up at the same time while also coming to life simultaneously as well. These Bitcoins were consolidated into 5 addresses from 49 different wallets.
Right Time for the Move?
The reawakening of the Bitcoin addresses comes at a time when the industry is still reeling from the historic move from the United States Securities and Exchange Commission (SEC) to approve spot Bitcoin Exchange Traded Fund (ETF) products.
This mega on-chain movement of funds in the Bitcoin network also comes following the transfer of 9,000 Bitcoin by Grayscale Investments as reported earlier. The funds’ movement underscores how the market whales are repositioning themselves to possibly take advantage of the current BTC market trends.
These moves are not impacting the price of Bitcoin negatively as the current outlook shows the coin is up 1.32% to $43,365.01. The top cryptocurrency is currently wriggling out of Week-to-Date (WTD) losses that have now crested at 5.76%.
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