3,500 Bitcoin Dormant for 11 Years, Transferred Now.
- Blog
- November 14, 2022
3,500 Bitcoin Dormant for 11 Years, Transferred Now.
A sizable number of bitcoins that were dormant for nearly 11 years finally moved on Friday morning. Three thousand five hundred bitcoins worth $60 million originated from 7 different Bitcoin addresses created on October 7, 2011. This marks the first significant awakening of dormant bitcoins in months.
Btcparser.com uncovered 3,500 bitcoins that had been dormant since 2011, and the owner of these addresses had not used the Bitcoin cash (BCH) or BitcoinsSV (BSV) tokens associated.
Of the 3,500 bitcoins, the first 500 were sent to “1roet.” Another 500 BTC were sent to 1ueNd. This was soon followed by the moving of all the 3,500 BTC. BTC then was trading at slightly above $4 per coin, and on October 31, 2011, it closed at $3.37. The initial value of the 3,500 BTC stored in such addresses was a mere $14,000.
Eleven years and BTC’s lowest price in two years still make the value of these bitcoins insanely high. A transaction of Bitcoins does not inherently mean that the underlying coins have been sold.
Along with the 3,500 BTC sent on November 11, around 50 BTC were transferred for the first time from a wallet founded on May 21, 2010. A 2010 block subsidy has been used for the first time since August 2022. The owner of the fifty bitcoins mined in 2010 stored all the Bitcoin Cash and Bitcoin SV that went along with them.
