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Over the past seven days, bitcoin’s price has remained above the $16K region in the wake of FTX’s collapse. Since then, a number of “dormant bitcoins” that have been dormant for five to nine years have moved in the past four days. Bitcoins that were worth much less at the time are being transferred for the first time in years.
Bitcoin’s (BTC) price has remained stable over the past seven days, ranging between $16,150 to $16,995 per unit, and a brief jump above the $17K zone. Over the past four days, while BTC prices are much lower than they were in early November, hundreds of old bitcoins have been on the move.
For example, two owners spent 348 bitcoins on November 29, 2022, and their holdings were once worth $348,000. We can’t really tell if the transferred coins were sold or not, but they were used from addresses created almost six years ago. Heuristics also indicate that of the 348 bitcoins lying dormant since March 2017, 299 of those BTC likely belonged to the same owner.
348 BTC is worth approximately 5.8 million nominal US dollars using current BTC exchange rates. One owner controlled “17HxA”, an address created on March 29, 2017, and it spent 48.88 BTC at block height 765,168. Coincidentally, five more transactions, from addresses created in late March 2017, spent 59.99 BTC in each transaction in the block heights 765.169, 765.184, 765.185, 765.187 and 765.190.
On the same day, blockchain parsers from btcparser.com captured a spend of 173.61 BTC from an idle address created on June 14, 2017, and another 100 BTC spend from an address created on April 12, 2014. The 100 bitcoin sat in an inactive address. for close to nine years, at which time each BTC was worth less than $500 per unit.
After these old expenses, a transaction from an address seen almost ten years ago, on April 26, 2013, beat all the expenses made on November 29, 2022. The transaction took place on December 2, 2022, and the “1EaAv” wallet used 600 so-called “sleeping bitcoins”. 600 BTC was worth about $84,000 on April 26, 2013, and today the coins used at block height 765,644 are worth about $10.14 million using current BTC exchange rates.
Data shows that of all the bitcoins spent since November 29, which lay dormant for about five to nine years, all were collectively worth less than $800,000 in value at the time the original addresses were created. Using today’s exchange rates, the 1,221.45 BTC that originated from “dormant bitcoin” addresses equates to about $20 million. Old owners are moving bitcoins that were dormant for five to nine years, while today’s bitcoin prices are at their lowest values in two years.
What do you think of the so-called “dormant bitcoin” addresses that have spent approximately $20 million in bitcoin over the past few days? Let us know what you think about this topic in the comments section below.
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