Three dormant Bitcoin BTC/USD 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.
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our November 13 Fintech Deal Day and November 14 Future of Digital Assets. Secure a spot here to join them.
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
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
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
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
