This is the first significant awakening of long-dormant bitcoins in months.
The first 500 of the 3,500 bitcoins were sent to the address “1roet.”
After being dormant for almost 11 years, a sizable number of bitcoins finally moved on Friday morning. A total of 3,500 Bitcoins valued at over $60 million, originated from seven unique Bitcoin addresses created on October 7, 2011. This is the first significant awakening of long-dormant bitcoins in months.
Btcparser.com was able to uncover 3,500 BTC that had been idle since 2011, and the owner of the seven related addresses had not used any of the bitcoin cash (BCH) or bitcoinsv (BSV) tokens associated.
11 Long Years Later
The first 500 of the 3,500 bitcoins were sent to the address “1roet.” Another 500 BTC transaction to the Bitcoin address 1ueNd was also confirmed. Not long after that, in total all the 3500 BTC were moved. On that day, BTC was trading at slightly over $4 per coin, and on October 31st, 2011 it completed the month at $3.27. The initial value of the 3,500 BTC stashed away in such addresses was merely $14,000.
11 years and despite BTC’s lowest value two years later, the value insanely higher. A transaction involving Bitcoins does not always indicate that the underlying coins have been sold.
In addition to the approximately 3,500 BTC that were sent on November 11, around 50 BTC were transferred for the first time from a wallet that had been established on May 21, 2010. For the first time since August of 2022, a 2010 block subsidy has been used. The owner of the fifty bitcoins mined in 2010 kept all of the Bitcoin Cash and Bitcoin SV that went along with them.