After 11 years of dormancy, a Bitcoin wallet belonging to a miner, dating back to the Satoshi era in 2010, has come back to life.
This entity suddenly became active on August 7 and transferred 250 BTC, worth approximately $13.95 million, to five new wallets.
Historic Bitcoin Wallet From 2010 Awaken
According to the latest update by popular on-chain tracker Lookonchain, the wallet originally earned 250 BTC through mining in May 2010 when Bitcoin was hovering below the $1 mark. Notably, the entity sits on an unrealized profit (at least for now) of over $14 million in 2024.
The latest transfer saw the earnings being distributed across five separate wallets, with amounts ranging from 10 BTC to 60 BTC each. The unexpected activation of this long-dormant address has sparked curiosity and speculation.
Seeing dormant wallets come back to life isn’t entirely new. In fact, several from the Satoshi era – the period between 2009 and 2011 when Bitcoin’s pseudonymous creator was involved – have displayed significant activity.
Recently, a Bitcoin wallet that had been inactive for 14 years woke up from slumber and transferred 50 BTC, which was valued at around $3.05 million at that time, to the Binance crypto exchange. As reported by CryptoPotato, the walletholder initially received the funds as a mining reward.
Bitcoin’s Price Struggles
The latest activity comes as bitcoin struggles to regain ground. Over the weekend, the crypto asset experienced a significant price crash, dropping below $50,000 for the first time since February 2024 due to several factors. This decline mirrored huge losses across Europe and Asia in stock markets, highlighting broader economic turmoil and a general risk-off sentiment among investors.
Disappointing US employment figures released last week raised concerns about a slowdown in the world’s largest economy, triggering a sell-off in risk-associated assets. The sudden price drop in digital assets led to hundreds of thousands of traders being wrexked, with total liquidations amounting to over a billion dollars.
Bitcoin has since risen above $57,000 and was up by over 4% in the past 24 hours.
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