Dormant Bitcoin Wallet From 2014 Stirs, Transfers $10.2M Worth of BTC

A Bitcoin wallet that had remained inactive since 2014 has unexpectedly moved 174.88 bitcoins, valued at over $10.2 million.

A Bitcoin wallet that has been inactive since 2014 has unexpectedly moved 174.88 bitcoins, valued at over $10.2 million at current prices.

The movement was first recorded on August 16, 00:33:04 (UTC), with the wallet originally receiving the funds on January 8, 2014. At the time of the initial deposit, BTC was trading at around $800, giving the wallet’s 174.88 BTC a value of approximately $142,000.

Being among the early cryptocurrency adopters, the wallet has seen its holdings multiply by over 70 times. This is due to Bitcoin’s price surging to an all-time high of $73,000 in March 2024 before stabilizing at current levels.

The transaction was flagged by blockchain tracking service Whale Alert, which noted that the transfer incurred a transaction fee of 67,500 satoshis (around $39.43). Despite being 50 times higher than necessary for a priority transaction, this fee ensured a swift confirmation of the $10.2 million transaction.

According to Whale Alert, the wallet had not recorded any activity since receiving the funds in 2014. Following the recent transfer, the wallet’s balance now stands at a mere 0.00004226 BTC ($2.50), using the current BTC price of around $59,300.

As reported by Cryptanalytic earlier this year, the wallet's balance was valued at about $896,000 in October 2018, and it crossed the $5 million mark by late January 2021.

The reactivation of dormant Bitcoin wallets has become increasingly common in recent months. While most dormant wallets that have been reactivated this year to date held coins from later years, there have been instances of early wallets — some even linked to Bitcoin’s creator, Satoshi Nakamoto — moving large sums of BTC.

In July 2024, a 12-year dormant wallet transferred $6.9 million in BTC, while another wallet moved $3 million in June after being inactive for over 14 years. Both wallets were flagged by Whale Alert.

As of 2024, approximately 18.3 million BTC are held in dormant wallets, which is a significant rise from the 7.4 million coins reported in January 2024, as per BitInfoCharts. The movement of BTC from dormant wallets is closely monitored by investors.

This is because, unlike coins that are actively traded on exchanges or platforms, the movement of BTC from dormant wallets can introduce new supply pressures that might impact market prices, potentially leading to increased volatility.

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