Thousands of Sleeping Bitcoin Awaken amid Market Turmoil
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As Bitcoin struggles to stay firm amid the deterioration of confidence in the market, on Friday, a long string of so-called “sleeping Bitcoins” moved after lying dormant for more than 11 years. Seven separate BTC addresses generated on October 7, 2011, were the source of the 3,500 BTC, which are now valued at over $60 million. It is the first significant group of long-sleeping Bitcoins that have awoken in months.
Btcparser.com discovered the 3,500 Bitcoins from 2011, and the owners of the seven separate addresses did not use any of the related Bitcoin Cash (BCH) or Bitcoin SV (BSV) tokens.
From the 3,500 total coins, the first 500 came from the address “1roet,” and this was verified at block height 762,676. A 500 BTC transfer was also confirmed for the BTC address “1ueNd” at block height 762,676. At block height 762,679, 500 Bitcoin from “14x5C,” “1Es8m,” “1Hfpr,” and “1JziG” were confirmed.
Shortly after, the owner transferred another 500 Bitcoin from “17gTy,” and this transaction was verified at block height 762,684. Every address in the 3,500 BTC cache was made on October 7, 2011, 4,053 days ago. On that day, BTC was trading for a little over $4 per unit, and on October 31, 2011, it ended the month at $3.27 per unit. The 3,500 BTC stockpile was only worth $14,000 when the addresses were first made.
Were These Bitcoin Sales?
We don’t know why the owner of the 3,500 BTC spent the coins 11 years later, at the lowest point in BTC value in the previous two years. The fact that the Bitcoins were used does not necessarily imply that they were sold. The truth is that all of the coins switched from pay-to-pubkey-hash (P2PKH) to pay-to-script-hash (P2SH), and the Bitcoins are still in their original single addresses.
Along with the 3,500 Bitcoins moved on November 11, around 50 BTC were moved for the first time in more than a decade from a wallet created on May 21, 2010. The 2010 block subsidy was last used in August 2022. Additionally, none of the associated BCH and BSV coins that were connected to the 50 BTC from 2010 were spent by the original owner.
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