Unearthing Forgotten Bitcoin Troves — $28 Million in Dormant Wallets from 2010-2017 Awaken
Recent data has shed light on the resurgence of “sleeping bitcoin” wallets, which were created between 2010 and 2017. These long-dormant wallets have experienced a flurry of activity in the first two weeks of this year, with approximately 659.14 bitcoins, totaling a value of $28.26 million, being transacted. While a significant portion of this movement can be attributed to wallets from 2017, clocking in at 167.3812 bitcoins, the vintage addresses from the earlier years have not been as active.
Last year, there was a notable surge in bitcoin transactions originating from 2011 and 2012, but 2024 has seen a decline in movements from these older addresses. Btcparser.com, a blockchain analysis website, has been monitoring over 64,000 sleeping bitcoin addresses, and reports that this year, a mere fraction of the vintage bitcoins created between 2010 and 2017 have been awoken.
The majority of vintage bitcoins spent in 2024 have come from wallets established between 2013 and 2017. Notably, wallets from 2017 have led the way with 167.3812 BTC transactions. However, wallets from 2016 have also seen activity, with 131.2377 BTC being moved. Additionally, there have been transactions from wallets created in 2015 (56.3493 BTC) and 2014 (139.6275 BTC) that have remained dormant for years, with each year seeing five and six transactions respectively. In 2013, six unique wallets sent six transactions, totaling 144.5449 BTC.
Interestingly, while no transactions have been recorded from 2012 wallets, a wallet created on May 15, 2011, witnessed some activity. A sum of 20 BTC from this wallet was spent on January 11, 2024, at block height 824,979. Another wallet from 2010 experienced a minimal transaction this year, moving only 0.00000547 BTC, but still retains its initial 50 BTC, which is now valued at $2.1 million. This wallet’s value has seen a remarkable increase from its humble beginnings, considering BTC’s initial trading price of $0.05 per coin when the wallet was created.
Comparatively, the end of 2023 saw more transactions from dormant BTC addresses dating back to 2011 and 2012. Transactions from 2010 wallets have become increasingly scarce, although a significant movement occurred on December 4, 2023, where 20 block rewards, each containing 50 BTC, were spent, totaling 1,000 BTC. This transaction originated from an old-school bitcoin whale who has been actively transacting over 14,000 BTC since 2020 from wallets established in 2010.
The revival of vintage bitcoins in 2024 raises intriguing questions about the motivations behind these transactions. What are your thoughts and opinions on this topic? Feel free to share in the comments section below.