On Friday, July 5, 2024, at 8 p.m. EDT, as bitcoin’s price hovered around $56,500 per unit, a dormant wallet, created on Nov. 24, 2013, transferred over 1,000 BTC, valued at $56.5 million, at block height 850,855.
Long-Inactive Bitcoin Wallet Transfers Over $56M
At 8 p.m., or Bitcoin block height 850,855, a wallet created ten years and seven months ago moved a substantial 1,004.49 BTC. Interestingly, this wallet, created on Nov. 24, 2013, accumulated its balance through several deposits. The initial deposit occurred on the wallet’s creation date, adding 0.5 BTC. The following day, Nov. 25, 620 BTC was deposited into the wallet.
The next significant deposit happened on March 13, 2014, with an addition of 383.99 BTC. Over the years, the wallet also received several dust transactions. The BTC acquired in 2013 was valued at $774 per unit, while the price was $638 per coin on March 13, 2014. The current value of the 1,004.49 BTC is $56.5 million, which was initially worth an estimated $695,000 back then. This transfer was first identified by the blockchain parser btcparser.com.
The $56.5 million in bitcoin was transferred from a legacy P2PKH (Pay-to-PubKey-Hash) address to a newer Bech32 address. The funds appear to have been swept using the send everything option, with multiple instances of the same address in the inputs, according to Blockchair’s privacy tool. The transaction received a privacy score of 56 out of 100 from the tool.
In addition to the 1,004.49 BTC moved from 2013, three transfers of ten bitcoins each (1, 2, 3) were made at block height 850,764, all originating from P2PKH addresses created in September. At block height 850,829, 20.14 BTC from an address created on June 11, 2013, were transferred. In the same block, 10 BTC from an address created on June 10, 2013, were activated for the first time in over a decade.