$125M in Bitcoin moved after eight years of dormancy
A Bitcoin holder transferred 1,100 BTC, valued at approximately $125 million, on August 5, marking the first activity from these coins in over eight years.
The coins were originally acquired between January and June 2017, when Bitcoin’s price ranged from about $900 to $2,700 per coin.
The wallets associated with these coins were dormant until recent activity saw 11 legacy Pay-to-Public-Key-Hash (P2PKH) addresses send 100 BTC each to new Pay-to-Witness-Public-Key-Hash (P2WPKH) addresses.
This shift to newer address formats reflects ongoing upgrades in wallet security and transaction efficiency in the Bitcoin network.
Each new wallet now holds about $11.37 million worth of Bitcoin, based on current prices near $113,850 per BTC.
Data reveals the coins remain untouched in the new wallets following the transfer.
Previously, the entity moved related Bitcoin Cash tokens linked to these bitcoins in 2018, transferring roughly 3,000 BCH at that time.
The decision to hold these Bitcoins for over eight years resulted in a roughly 42-fold increase in value, or a 4,117% rise compared to their original cost.
Recent dormant Bitcoin activity has included significant sales of aged coins, with at least 80,000 BTC sold publicly last month.
Industry experts suggest this migration to updated wallet addresses may be influenced by concerns over quantum computing risks and a desire to enhance wallet security features.
This movement highlights how some long-term Bitcoin holders manage their assets by consolidating to upgraded addresses while maintaining investment positions.
At the time of reporting, BTC price was $114,133.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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