{"id":543907,"date":"2023-07-23T14:00:37","date_gmt":"2023-07-23T14:00:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=543907"},"modified":"2024-06-11T08:06:59","modified_gmt":"2024-06-11T08:06:59","slug":"bitcoin-dormant-address-moves-31-million-btc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-dormant-address-moves-31-million-btc\/","title":{"rendered":"Bitcoin (BTC) Address Dormant For More Than 11 Years Moves $31 Million In BTC"},"content":{"rendered":"

After over 11 years of inactivity, a dormant Bitcoin address containing $31 million in BTC suddenly came to life recently. On July 22, 2023, the address <\/span>transferred <\/span><\/a>its entire balance to a new address.<\/span><\/p>\n

Early BTC Address Comes Back To Life<\/h2>\n

Bitcoin has been around since 2009, so there are dormant addresses that have been inactive for years that contain large amounts of BTC. Some of the early adopters of this cryptocurrency were able to buy in very cheap but the private keys to many of these addresses have been lost, locking them forever. Every now and then, however, some of these addresses suddenly come back to life as the owner regains asses to the funds.<\/span><\/p>\n

Related Reading: Dogecoin Becomes 8th-Largest Cryptocurrency After Adding $1 Billion To Market Cap<\/a><\/div>\n

The address here was one of the earliest Bitcoin addresses. According to on-chain data, it received its first transaction of 1,037 BTC in November 2012. At the time, the price of each BTC sold for only $12.41. It then received regular small deposits of BTC over the years. With the price of Bitcoin now at $29,828, this sets the total price at just over $31 million.<\/span><\/p>\n

\n

\ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 A dormant address containing 1,037 #BTC<\/a> (31,080,234 USD) has just been activated after 11.3 years!https:\/\/t.co\/6cW9vnTOhD<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) July 22, 2023<\/a><\/p><\/blockquote>\n

There are a few possibilities for what could have prompted the owner to suddenly move these funds after all this time, ranging from regaining control of the private keys to cashing out and taking a profit. Whatever the reason, the sudden reawakening of dormant Bitcoin addresses has the potential to cause a stir and spark interest in the Bitcoin community.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price remains below $30,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Implications For The Price Of Bitcoin<\/h2>\n
When a large amount of BTC suddenly moves, it can cause temporary price fluctuations. An immediate selloff of the assets can lead to a drop in the market price of Bitcoin. However, these effects are often short-lived. Over the long run, an increase in circulating supply is unlikely to significantly impact Bitcoin\u2019s price due to the rapid rate of adoption.<\/span><\/p>\n
Dormant BTC addresses have also been showing up in a flurry this year. Back in May, a similar address containing 1,000 BTC that was dormant for more than 11 years moved 400 BTC to a new wallet. In February, a BTC address that had been dormant for 11 years came back to life to move $9.6 million worth of BTC.\u00a0<\/span><\/p>\n
Related Reading: Ethereum Daily Users Plunge Amid Declining Network Revenue<\/a><\/div>\n
These examples show that even if an address has been dormant for a long time, there is always a possibility of the funds moving again. However, many of these addresses seem to be lost forever. <\/span>According <\/span><\/a>to IntoTheBlock, around 29% of the total Bitcoin circulating supply is now presumed lost forever after remaining stagnant for over five years.S<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
After over 11 years of inactivity, a dormant Bitcoin address containing $31 million in BTC suddenly came to life recently. On July 22, 2023, the address transferred its entire balance to a new address. Early BTC Address Comes Back To Life Bitcoin has been around since 2009, so there are dormant addresses that have been inactive for years that contain large amounts of BTC. Some of the early adopters of this cryptocurrency were able to buy in very cheap but the private keys to many of these addresses have been lost, locking them forever. Every now and then, however, some of these addresses suddenly come back to life as the owner regains asses to the funds. Related Reading: Dogecoin Becomes 8th-Largest Cryptocurrency After Adding $1 Billion To Market Cap The address here was one of the earliest Bitcoin addresses. According to on-chain data, it received its first transaction of 1,037 BTC in November 2012. At the time, the price of each BTC sold for only $12.41. It then received regular small deposits of BTC over the years. With the price of Bitcoin now at $29,828, this sets the total price at just over $31 million. \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 A dormant address containing 1,037 #BTC (31,080,234 USD) has just been activated after 11.3 years!https:\/\/t.co\/6cW9vnTOhD \u2014 Whale Alert (@whale_alert) July 22, 2023 There are a few possibilities for what could have prompted the owner to suddenly move these funds after all this time, ranging from regaining control of the private keys to cashing out and taking a profit. Whatever the reason, the sudden reawakening of dormant Bitcoin addresses has the potential to cause a stir and spark interest in the Bitcoin community. BTC price remains below $30,000 | Source: BTCUSD on Tradingview.com Implications For The Price Of Bitcoin When a large amount of BTC suddenly moves, it can cause temporary price fluctuations. An immediate selloff of the assets can lead to a drop in the market price of Bitcoin. However, these effects are often short-lived. Over the long run, an increase in circulating supply is unlikely to significantly impact Bitcoin\u2019s price due to the rapid rate of adoption. Dormant BTC addresses have also been showing up in a flurry this year. Back in May, a similar address containing 1,000 BTC that was dormant for more than 11 years moved 400 BTC to a new wallet. In February, a BTC address that had been dormant for 11 years came back to life to move $9.6 million worth of BTC.\u00a0 Related Reading: Ethereum Daily Users Plunge Amid Declining Network Revenue These examples show that even if an address has been dormant for a long time, there is always a possibility of the funds moving again. However, many of these addresses seem to be lost forever. According to IntoTheBlock, around 29% of the total Bitcoin circulating supply is now presumed lost forever after remaining stagnant for over five years.S Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":543908,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,15232,1119,1144,78790],"class_list":["post-543907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-whale","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin (BTC) Address Dormant For More Than 11 Years Moves $31 Million In BTC<\/title>\n<meta name=\"description\" content=\"After over 11 years of inactivity, a dormant Bitcoin address containing $31 million in BTC suddenly came to life recently. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin (BTC) Address Dormant For More Than 11 Years Moves $31 Million In BTC","url":"http:\/\/uniquehot.com\/news\/bitcoin-dormant-address-moves-31-million-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-dormant-address-moves-31-million-btc\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-938477558-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-938477558-1.jpg?fit=1370%2C765"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin whale","btc","btcusd","btcusdt"],"dateCreated":"2023-07-23T14:00:37Z","datePublished":"2023-07-23T14:00:37Z","dateModified":"2024-06-11T08:06:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin (BTC) Address Dormant For More Than 11 Years Moves $31 Million In BTC\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-dormant-address-moves-31-million-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-dormant-address-moves-31-million-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-938477558-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-938477558-1.jpg?fit=1370%2C765\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin whale\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-07-23T14:00:37Z\",\"datePublished\":\"2023-07-23T14:00:37Z\",\"dateModified\":\"2024-06-11T08:06:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-938477558-1.jpg?fit=1370%2C765","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/543907"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=543907"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/543907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/543908"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=543907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=543907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=543907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}