Dormant Bitcoin (BTC) Wallet Stirs After 10.6 Years, Transfers $57M to New Address

The timing couldn't be more dramatic, coinciding with BTC's nosedive to a five-month low.

A Bitcoin wallet that has been dormant for over a decade has suddenly sprung into action, transferring a whopping 1,004 Bitcoin to a fresh address.

According to Spot on Chain, this wallet, which last saw any activity in 2013, has now shifted this mammoth sum, which is currently valued at a cool $57 million, to a new address. This cache of Bitcoin was originally snagged for a mere $737,000, with each BTC averaging just $731 back in the day.

A dormant wallet just woke up after 10.6 years and moved 1,004 $BTC ($57M) to a new wallet ~50 minutes ago!

This wallet received its $BTC in 2013 and 2014 at an average price of only $731 ($737K).

Follow @spotonchain to know when (dormant) whales/governments/institutions move… pic.twitter.com/3PadaahGZy

Bitcoin’s recent performance and contributing factors

This move comes at a time when BTC is experiencing a downturn, dropping to a five-month low. The world’s leading cryptocurrency took an 8% tumble, bottoming out at $53,602 before recovering some lost ground.

This dip occurred during a period when stock markets were rising, highlighting the challenges in the crypto world. BTC is now down around 25% from its March peak as the initial excitement over U.S. Bitcoin ETFs is fading into concerns about high interest rates and political uncertainty.

Adding to the drama, the defunct Mt. Gox exchange has started the process of returning an $8 billion Bitcoin cache to creditors, with a Mt. Gox-linked wallet shifting $2.7 billion in BTC, as noted by Arkham Intelligence.

However, there is still some hope in the crypto world, as analyst Crypto Feras offers a contrasting perspective. He argues that this dip is just a minor setback and that typically, Bitcoin drops by about 55-65% during real bear markets, while this one seems like a regular correction.

#Bitcoin Quarterly chart and few raw facts:

let's look at the chart I will highlight few points:

1- Bear market usually kicks in with 55-65% red candle, while 2024 Q2 candle is nothing more than casual mid-cycle correction, not that severe 50%+ bear market kind of candles.

2-… pic.twitter.com/beCS4B9DRr

Feras highlights the major developments in the crypto sphere, such as spot ETFs hitting the scene, big-name companies loading up on BTC, and financial heavyweights like Blackrock getting in on the action. He questions whether all this buzz was just to push Bitcoin 6.9% higher than its previous peak.

Touching on the four-year cycle of Bitcoin, the analyst points out that we are echoing the patterns of 2020, and all the real fireworks might be held until 2025. If BTC could skyrocket from $15,000 to $73,000 with interest rates at rock-bottom prices, imagine the potential when cheap money flows again.

Even as the market is experiencing a downturn, Feras maintains a positive outlook, expressing optimism about his portfolio's performance in late 2024 and early 2025, advising crypto enthusiasts to "hang tight and weather the storm."

Related Reading | Cardano To Impressively Surge To 0.46% In July

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