A bitcoin wallet inactive since 2018 has transferred 8000 BTC (over $535 million) to Binance, the largest exchange by trading volume. Analysts at Lookonchain highlighted this development.
A wallet that had been dormant for 5.5 years transferred 8K $BTC($535.64M) to #Binance 40 mins ago.
The wallet received 8K $BTC on Dec 6, 2018, when the $BTC price was $3,810.https://t.co/zvxAKbHKi6 pic.twitter.com/ZKZHdm4JkR
— Lookonchain (@lookonchain) June 11, 2024
The coins were acquired at the bottom of the bear market phase in December 2018 at a rate of $3800. In total, they cost the investor more than $30.4 million.
According to an April report by Chainalysis and Fortune, 1.75 million bitcoin wallets have been inactive for over 10 years. They hold 1,798,681 BTC (~$121 billion at the time of the report), accounting for 8.5% of the total supply.
This count does not include approximately 30,000 addresses associated with the creator of the first cryptocurrency, Satoshi Nakamoto.
In May, two wallets inactive for over 10 years transferred 1000 BTC (~$61 million) to new addresses.