A Bitcoin (BTC) wallet address that has been dormant for approximately six years recently awoke, transferring 2.9K+ BTC tokens valued at $82 million to different addresses.
According to on-chain data, the Bitcoin address received a total of 3,200 BTC coins on May 7, 2016. This Bitcoin was transferred when the asset’s spot price was pegged at $459, resulting in a worth of $1.47 million for the assets.
After receiving the 3,200 BTC, the address moved out 204.89 tokens, worth $947,372 at the time, on Sept. 3, 2017, leaving it with a balance of 2,995 BTC tokens. The wallet held onto these tokens, remaining dormant until recently.
The recent transaction saw an outflow of the entire 2,995 BTC worth $82.3 million at current prices to 2 addresses. These addresses were both created recently, data from Arkham Intelligence suggests. The address now holds 0.00028 BTC worth a meager $7.85.
A Growing Trend
While the identity of the owner of this dormant Bitcoin address remains unknown, the awakening underscores a growing trend in the industry. This year, at least five inactive Bitcoin addresses have reawakened, all with substantial BTC holdings.
One such address came back to life, holding 3,200 BTC, similar to the current address from 2016. While there are different reasons why most addresses go dormant, it is not uncommon for wallets to become inactive when they have been involved in an exploit.
This is the case for a wallet connected to the Cryptsy Exchange hack that saw 11,325 BTC siphoned. The wallet was later reactivated after seven years in what appeared to be an attempt to liquidate the siphoned funds. Beyond the awakening, the immediate actions of these dormant addresses also typically lend intrigue to the trend.Â
Cross Ecosystem Practice
Notably, the reawakening of dormant wallets is not a trend peculiar to Bitcoin alone. Other well-tracked digital currencies, including Ethereum (ETH), Shiba Inu (SHIB), XRP, and Dogecoin (DOGE), also see the emergence of dormant addresses.
From the 68 billion SHIB tokens transferred from an account that has been dormant for two years to the reawakening of an Ethereum ICO address, the trend is a norm that has come to stay as the market faces a series of ups and downs.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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