Dormant Bitcoin Wallets Holding 676 $BTC Wake Up in September
- A dormant Bitcoin wallet, inactive for 13.1 years, moved 59.723 $BTC.
- The wallet's $BTC was worth $524.96 in 2011 and is now valued at $3.8M.
- Over that time, $BTC's price rose 725,357% to $63,767.
- There's an increasing trend of long-dormant wallets becoming active in both $BTC and $ETH.
The past few years have been rough.
There's the divorce, the move, and the missed promotion management gave Jim from accounting instead of you... It hasn't been a good decade.
That's why you're back at mom and dad's in your early thirties; rent was just too damn high in the city.
Jimmy Mcmillan Too Damn High GIFfrom Jimmy Mcmillan GIFsTime to dust off the desk in your old room and get back to work (from home).
You start by clearing off the ancient laptop - a Dell! - and moving what looks suspiciously like old comp sci class notes from uni days.
You also seem to have post-it notes all over the desk. Some scheduling notes, an ex-girlfriend's number, and a post-it with Bit Core PW' written on it in someone else's handwriting.
Your mind freezes for a second. Wasn't there a guy in class who was into $BTC long before it was cool? You'd forgotten - was it Paul or something?
He'd been showing you something during one Friday afternoon class and had even set you up with a wallet'on something called Bitcoin Core. He'd also joked about how he'd spot you a few hundred in Bitcoin.
You'd tried logging into Bitcoin Core a couple of times afterward, but Paul had set the password for you. You'd forgotten it (of course), and that had been the end of that.
Could this be...? You dive for the Dell, and with trembling fingers, you plug it back into the power cord.
A few minutes - or maybe hours - later, a still-terrible version of Windows boots up. Internet Explorer opens, eventually.
You open Bitcoin Core and, with note in hand and still trembling fingers, you enter compscisuxs.' And there's the balance - 59.723 $BTC.
No, you're not dreaming. Paul's $524 gift is now worth $3.8M - and best of all, you can probably stick it to Jim from accounting.
Is This Real Life? Or Is This Fantasy?Paul setting up a small $BTC wallet for you in class is fantasy. But old $BTC wallets reawakening isn't.
A Bitcoin wallet dormant for over 13 years came back to life in the past 12 hours, transferring 59.723 $BTC. Initially worth just $524 in 2011, the stash is now valued at $3.8 million, reflecting an extraordinary 725,357% ROI.
The wallet reactivated as Bitcoin prices rose to $63K, marking a broader recovery in the cryptocurrency market.
Did someone find an old password? Did they dig a hard drive out of the couch cushions? Or maybe they dug up a time capsule full of love letters (and an old seed phrase)?
Impossible to tell, of course. But feel free to let your mind run wild - because old wallets are coming back to life more and more often.
Crypto Zombies Attack!Whale Alert reported on X nine dormant wallet activations in September 2024 so far. The smallest wallet contained 19 $BTC, and the largest held 185 $BTC.
Tallying all of them up, 676 $BTC worth just under $43B came back to life.
The oldest wallets had been sitting untouched for over 15 years.
Note that Whale Alert only tracks large $BTC wallets, and smaller reactivations might go entirely unnoticed. The trend isn't limited to $BTC; other reports indicate it's happening to $ETH wallets, too.
Regardless of why it's happening, that's a lot of crypto that's been hidden under the couch. Are diamond hands HODLers finally starting to relax their grips?
Bitcoin rebounded to $64K in the wake of the Fed's interest rate cuts (and talk of more cuts next year). $BTC also historically performs well during late fall and the winter months.
Perhaps you should check your cushions.
References- Bitcoin Core (Bitcoin.org)
- User moves 59 Bitcoin After 13.1 Years (The Crypto Basic)
- Ethereum ICO Address Deposits 10,000 ETH (The Crypto Basic)
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