Bitcoin’s recent price slump, with the cryptocurrency hovering around $28,000, has been accompanied by an intriguing development. A long-dormant wallet, which has been inactive for over 10 years, suddenly sprung to life, moving 279 BTC (approximately $7.8 million) to three new addresses within the span of 24 hours. The wallet, believed to be from the Satoshi era, holds a total of 1,128 bitcoin, worth roughly $31.6 million.
The news of this sudden activity in the dormant wallet was shared by Whale Alert, a popular crypto account that tracks large transactions on the blockchain. On-chain analytics platform Lookonchain also reported the event on Twitter, noting that the wallet had received its 1,128 BTC holdings in October 2012 and May 2013, when the prices of bitcoin were $12 and $195, respectively.
Cryptocurrency enthusiasts and analysts are speculating about the reasons behind this unexpected activity. Some theories suggest that the wallet owner may have simply found their seed phrase after a long period of inactivity, prompting them to access and transfer their funds. Others speculate that it could be a deliberate move by the wallet owner to sell or diversify their holdings, taking advantage of the current market conditions.
This development has once again brought attention to the mysterious origins of bitcoin and the early days of the cryptocurrency. The identity of Satoshi Nakamoto, the pseudonymous creator of bitcoin, remains unknown, and the movement of funds from wallets associated with the early days of bitcoin often attracts speculation and curiosity from the crypto community.
As with many events in the crypto world, the true reasons behind the sudden activity in the dormant wallet may never be fully revealed. Nevertheless, it serves as a reminder of the unpredictable nature of the cryptocurrency market and the continued intrigue surrounding the origins and movements of bitcoin.