After a long period of hibernation, a Bitcoin wallet containing roughly $140 million worth of cryptocurrency has suddenly sprung back into action.
The Bitcoin address had been inactive for over three years before it unexpectedly shifted about $140 million worth of Bitcoin earlier this week. Blockchain tracking company PeckShieldAlert reported that the dormant wallet, holding over 5,000 BTC, executed transfers to three different addresses.
The wallet’s initial Bitcoin deposit took place in 2020 when Bitcoin prices were below $10,000. After three years of inactivity, the stash, now valued at over $140 million, was suddenly brought back into circulation.
This event is not an isolated one. Earlier in September, a wallet that had been dormant since 2016 transferred 2,100 BTC, now valued at $56.3 million. Various theories are put forward when such dormant wallets wake up, with speculations ranging from profit-taking to estate planning and security precautions.
Despite the buzz created when these so-called Bitcoin whales move their dormant stashes, Bitcoin’s price has remained relatively stable. Past transfers of up to $252 million have barely made a dent in Bitcoin’s price chart.
At present, Bitcoin is trading around $27,936, with minimal impact from the recent movement of the decade-old wallet and its appreciated holdings. It is common for dormant Bitcoin supplies to re-enter circulation during bull runs as holders seize opportunities to realize significant gains.
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