Under the cover of darkness early Saturday morning, July 22, 2023, precisely at 12:51 a.m. UTC, a former dormant bitcoin address, home to 1,037.42 BTC—valued at $30 million—stirred to life for the first time since 2012.
Long-dormant Bitcoin Address Springs to Life, Moving $30 Million Hoard
July has seen eight so-called ‘sleeping’ bitcoin wallets, untouched since 2012, break their over 11-year hibernation, initiating transactions for the first time. A total of approximately 1,216.92 BTC, which had remained in a state of inertia for the past decade, were shifted this month. The prior seven instances of bitcoin activity from 2012, involving dormant wallets, totaled 179.50 BTC before the slumbering whale address moved a colossal 1,037.42 bitcoins on Saturday.
The recipient address of the 1,037.42 BTC first acquired the coins on April 11, 2012, with the digital currency remaining untouched ever since. On this acquisition date, a single BTC traded at a mere $4.84, valuing the entire hoard at a modest $5,021. The trove of 1,037 BTC was dispatched at block height 799,701 on July 22, destined for this specific address. After this transaction, the owner injected a minuscule 0.00000546 BTC into the wallet, then subsequently transferred the balance, a slightly reduced 1,037.4189247 BTC.
The initial transaction was flagged by btcparser.com and was executed with minimal concealment. Blockchair.com’s privacy tool assigned a dismal score of zero out of 100 to the transaction. Such a low privacy rating is classified as “critical,” indicating the transfer was plagued by three significant privacy flaws. These shortcomings include the identification of “matched addresses.” The “critical” score implies that the “identified issues are significantly endangering the privacy of the parties involved.”
Alongside the 1,216.92 BTC dispatched from dormant bitcoin addresses dating back to 2012 this month, there were also three transactions (1,2,3) from 2011. Two of these 2011 transfers occurred on July 20, with the third executed on July 21. Yet, the three transfers combined only accounted for a modest 25 BTC ($745K). While we haven’t reached the end of July, there have yet to be any reports of bitcoin activity from addresses dormant since 2010. Conversely, June witnessed the awakening of three sleeping bitcoin addresses (1,2,3) from 2010, totaling 150 BTC ($4.4M).
As we witness these sleeping bitcoin giants stirring after over a decade, what do you think prompts such sudden activity? Share your thoughts and opinions about this subject in the comments section below.
