Three dormant Bitcoin (CRYPTO: BTC) wallet addresses tracing back to November 2017 transferred 6,500 BTC, worth $230 million, to new addresses late Wednesday.
The activity of all the wallet addresses has a common date indicating they are connected or controlled by a single entity, The Block reported.
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BitInfoCharts data as reported by The Block indicates that the first address moved around 2,550 BTC (worth $90 million), while the second address moved around 2,000 BTC (valued at $71 million), and a third address transferred around 1,950 BTC (worth $69 million) all for the first time since Nov. 5, 2017. The three wallets held BTC since July 2011, when it traded under $15.
The total combined value increase for the bitcoin, for the three addresses, since 2011 totals around $225 million. The funds from each address are likely to be linked to early miners connected to the F2Pool bitcoin mining pool.
Also Read: MetaMask's Collaboration With Blockaid Unleashes A Web3 Wallet To Integrate Security Alerts
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Crypto Whales Awaken From Deep Sleep
In recent times, it appears that many long-time crypto users are moving funds from old wallets to new wallets amid significant wallet-draining operations. The whale address movements come on the heels of Bitcoin prices rallying, driven by optimism about the potential approval of a spot Bitcoin ETF.
In early October, a Bitcoin wallet that remained silent for three years made a significant $140 million move to three different addresses. In mid-October, a six-year inactive Bitcoin wallet transferred $82.3 million worth of BTC to two newly created addresses, as reported by Binance.
In August 2023, a Bitcoin wallet transferred almost $30 million worth of coins to another address after 13 years of inactive status. In July 2023, another passive Bitcoin wallet for 11 years transferred $31 million worth of BTC to a fresh wallet address.
Price Action: BTC prices in the last month have gone up by 25%, taking its year-to-date gains to 73%.
Read More: Top Of The Crypto Pack: MetaMask Leads Crypto Wallets In Monthly Visits, Named One Of Year's Best
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