31 Million Dollar Bitcoin Transfer Occurred After 11 Years of Dormancy! - COINTURK NEWS
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31 Million Dollar Bitcoin Transfer Occurred After 11 Years of Dormancy!

12:57 pm (60 days ago)
July 24, 2023

A wallet holding 1,037 Bitcoin worth $31 million, based on the current value of Bitcoin, woke up from an 11-year slumber and transferred its entire accumulation. According to BitInfoCharts, the 1,037 BTC was transferred when it was valued at $29,956. This transfer took effect on July 22nd at 10:51 UTC. Whale movements like these are closely monitored by many institutions and investors as they can cause volatility in the price of Bitcoin or lead to various rumors.

$5,100 Investment Now Worth $31 Million!

According to the blockchain analytics platform Lookonchain, the dormant address acquired 1,037 Bitcoin on April 11, 2012, when the price of Bitcoin was only $4.92. This indicates that the investor purchased Bitcoin worth $5,108 at that time.

Data from the blockchain collector Blockchair shows that the wallet address “bc1qt180…” seemingly acquired $31 million worth of Bitcoin.

According to the cryptocurrency price platform CoinGecko, the balance of the Bitcoin wallet reached $71.6 million when it peaked at $69,004 on November 10, 2021, the all-time high.

Mysterious Transfers and Million-Dollar Transactions

On July 12, the US government conducted one of the largest BTC transactions, acquiring approximately 10,000 BTC worth around $299 million, related to the seizure of Silk Road. It is unclear whether the transactions remained on cryptocurrency exchanges or came under the supervision of the Department of Justice.

On June 11, another Bitcoin whale transferred 1,400 BTC worth $36 million to a different address. Ki Young Ju, CEO of CryptoQuant, believes that the purpose of this transaction may be to increase privacy.

According to Lookonchain, in early April, a Bitcoin whale transferred 2,071 Bitcoin that was purchased for $663 per unit, which is now worth nearly $60 million, after 10 years.

Three months ago, a massive transfer of $250 million worth of Bitcoin was made by another Bitcoin address. The wallet’s value exceeded $1 billion when the transfer reached approximately 26,056 Bitcoin at the all-time high price of Bitcoin.

55% of Bitcoin Supply Hasn’t Moved for Two Years

According to a table shared by cryptocurrency researcher Will Clemente from the blockchain analytics firm Glassnode, despite several high-value transfers, more than 55% of Bitcoin supply has remained dormant for over two years.

Bitcoin is currently priced at $30,082. According to CoinGecko, while Bitcoin’s price has increased by 81.8% in 2023, it is still down by 56.4% from its all-time high reached in November 2021.

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