Bitcoin BTC -0.38% wallets from the Satoshi era have shown significant activity. Over $50 million worth of Bitcoin, originating from 2012, 2013, and 2014, has been transferred over a span of two days. This sudden movement has caught the attention of the crypto community and analysts worldwide.
The value of Bitcoin has seen an uptick from its position last month. However, September witnessed a surge in dormant Bitcoin transfers from long-inactive BTC wallets. This trend showed no signs of slowing down. In the first week of October, several wallets from 2014 became active. They moved 860 BTC, which is valued at over $24 million, in 86 separate transactions on October 4, 2023. Blockchair’s privacy tool has scrutinized these transactions, assigning low scores due to vulnerabilities like repeated address inputs.
In a more detailed breakdown, all 86 wallets, each holding 10 BTC, utilized the “send all” feature, transferring funds to subsequent addresses. Initially set up as legacy addresses, they now reside in P2SH (Pay to Script Hash) addresses. Furthermore, an address traceable back to August 10, 2014, has recently become active, transferring 46 BTC. Another wallet, established on January 30, 2014, moved 12.56 BTC.
Adding to the intrigue, a long-forgotten wallet from July 11, 2013, with over a decade of history, has been reactivated. This wallet transferred a staggering 504.99 BTC, valued at $14 million based on current rates, on October 4, 2023. Blockchair’s privacy tool assigned a “medium rating” for this 2013 transaction, noting the recurrence of the same addresses in its inputs and identifying it as a “sweep” send. As of now, these funds are located in P2SH addresses.
Blockchain explorers have also identified two dormant Bitcoin addresses from 2012 that have reactivated this week. On October 6, 2023, at block height 810,927, 200 BTC was transferred from an address labeled “12FmJ,” created on October 26, 2012. Blockchair commented on the weak privacy of this transaction, highlighting matching addresses.
Subsequently, at block height 810,967, another dormant address from 2012 sent 226 BTC on the same day. This latter address, labeled “1GYPe,” originated on November 10, 2012. Both transactions on October 6 showed minimal efforts at privacy protection. Combined, these two wallets hold 426 BTC, with a current market value nearing $12 million.
As October progresses, peculiar trends in transactions from previously dormant Bitcoin wallets might emerge. The month has already sprung some surprises. While many long-term holders remain steadfast in their “HODL” strategy, it’s evident that some are charting a different course.
