Despite bitcoin’s (BTC) price being below $60,000, several old, inactive bitcoin wallets have reactivated. Bitcoin.com News recently reported on a 2013 address that moved 1,004.49 BTC on July 5.
The very next day, an address from Dec. 7, 2013, transferred 149.99 BTC for the first time since its creation ten years and six months ago. The funds were transferred from a legacy P2PKH (Pay-to-PubKey-Hash) wallet to a Bech32 address, also known as a native Segregated Witness address.
The transaction, confirmed at block height 850,969, was first identified by btcparser.com and received a privacy score of 35 out of 100 from Blockchair’s privacy tool. Co-spending was detected, and matching inputs and outputs were common.
When the funds were initially acquired, BTC was trading at $698 per coin, making the stash worth $104,693 then, and now valued at $8.6 million. On Sunday, a significantly larger transfer occurred from an address created on April 1, 2016, back when BTC was trading at $417 per coin.
The legacy P2PKH wallet sent 895.11 BTC to another P2PKH wallet at block height 851,087. This transfer was valued at $51.3 million at current exchange rates. At the time, the 895.11 BTC was worth $373,260.
Blockchair rated the transaction’s privacy score as 55 out of 100. The funds were moved to the second address using the send-all option. The 149.99 bitcoin cash (BCH) associated with the funds was not transferred and remains in the 2013 wallet. The 895.11 BCH, on the other hand, was moved to another wallet.
The reasons behind these entities deciding to transfer millions in bitcoin for the first time in years at current prices are speculative. However, it’s important to note that the funds might not have been sold.
The owners could have transferred the funds to another entity in an over-the-counter (OTC) deal or moved them to a new address for security reasons. Both wallets that received the BTC still hold the funds, and they have not moved since blocks 850,969 and 851,087, respectively.
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