05 Dec 2022 · 1 min read

1,200 Bitcoin Worth $20M Moved from Dormant Addresses in the Past Few Days – Here’s What Happened

Source: Adobe Stock

As many as 1,200 old bitcoins from dormant addresses have moved in the days since the collapse of FTX, with activity picking up further in the past few days.

Among the many old wallets that have moved coins in the days since FTX went down were two that spent a combined 348 BTC on November 29 – a stash that was once worth just $348,000.

It’s tough to say exactly what the owners did with the coins, and it remains unknown if they were sold or just moved to another wallet, for example for cold storage.

The 348 BTC that moved on this day is now worth around $5.8m, a huge increase in value compared to what they were acquired for.

The news was first reported by Bitcoin.com, using blockchain data and compilations from btcparser.com.

A second noteworthy transaction on the same day was a 173.61 BTC transaction from an address that have been dormant since June 14, 2017, as well as a 100 BTC transaction from an address from April 12, 2014.

Out of those two transactions, the 100 BTC in the latter transaction had been dormant for nine years, an unusually long period in the Bitcoin world. At the time the wallet address was created, each BTC traded for less than $500.

Moreover, a wallet address April 26, 2013 made a massive 600 BTC transaction last week on December 2. At the time the address was created, the 600 BTC were worth around $84,000.

Today, those same coins are worth some $10.14m.

Combined, all of the coins from these dormant addresses that have been spent in the days since November 29 were worth less than $800,000 when the addresses were originally created.

Today, those same 1,221,45 BTC are worth some $20m.