A dormant Bitcoin wallet, untouched for years, has sprung to life. According to a recent observation by Lookonchain, shared on X (formerly Twitter) on July 17, the owner moved a substantial 40,192 BTC, currently estimated at $4.77 billion, to a completely new digital vault.
The analytics firm suggests the wallet’s owner might be preparing to sell off more of their holdings, potentially increasing the supply of Bitcoin available on the market.
This follows an earlier significant transfer on July 15, where the same dormant wallet sent 40,009 Bitcoins, approximately $4.7 billion, to Galaxy Digital, according to data tracked by Nansen.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is VeChain? VeChain Coin Explainer (ANIMATED)
Furthermore, Galaxy Digital transferred 6,000 BTC from that initial influx to popular cryptocurrency exchanges Binance and Bybit, hinting that some of these coins may be offered for sale on the open market.
These two significant movements have effectively emptied the early Bitcoin adopter’s original eight wallets, which had remained inactive for over 14 years.
These wallets date back to the genesis days of Bitcoin. Back in April 2011, two wallets each received 20,000 BTC when the value was a mere $0.78 per coin. Then, a month later, six more wallets linked to the same individual were credited with 60,009 BTC at a price of around $3.37 each.
Lookonchain initially drew attention to this activity on July 4, highlighting it as one of the largest and oldest Bitcoin holdings ever observed. When these original transactions occurred over a decade ago, the entire hoard was valued at less than $250,000.
In related news, as Bitcoin’s value surged past $120,000 on July 13, Satoshi Nakamoto, the pseudonymous creator of Bitcoin, achieved a new level of wealth. Interested in knowing Satoshi’s estimated net worth? Read the full story here.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.