Wallet Holding Bitcoin Since $284 Price Awakens After 10 Years

A Bitcoin wallet that had remained dormant for an entire decade has suddenly sprung to life, according to blockchain tracking platform Lookonchain.

In a tweet on Tuesday, the firm revealed that the wallet moved all 365 BTC, currently valued at around $29 million, after 10 years of complete inactivity. Notably, the wallet initially received the Bitcoin when the price was just $284 per coin, placing the original investment at approximately $103,000.

This reactivation has raised eyebrows in the crypto community, particularly as it’s not an isolated incident. On March 24, a wallet created back in August 2011, when Bitcoin was trading at just $13, moved 100 BTC, now worth over $7.7 million, to new addresses after nearly 14 years of silence.

Just a day later, another whale made waves by moving 3,000 BTC, originally acquired in 2017. The stash had grown from a $12.29 million valuation to over $260 million, a staggering 2,115% increase. These funds, believed to be linked to old Coinbase-related transactions, had remained untouched for eight years.

Earlier on January 10, Lookonchain reported yet another dormant whale awakening. This time, 500 BTC, valued at $46.87 million, was transferred to Coinbase Prime. The BTC was received initially six years ago, when the price hovered around $7,000.

While it’s unclear why these long-inactive wallets are suddenly becoming active, analysts suggest several possible motives, including internal fund reallocation or even precautionary moves due to compromised private keys. 

However, the timing is notable as Bitcoin struggles to hold its ground, with some analysts pointing to profit-taking activities. Notably, crypto analytics firm CryptoQuant reported on April 3 that 1,057 BTC, aged between 7 and 10 years, had recently moved. 

“1,057 Bitcoin that hadn’t moved in 7–10 years just woke up. Long-term holders may be preparing to sell,” the firm tweeted.

Further, analyst Maartunn from the firm pointed out that the Spent Output Age Bands indicator had crossed the 50 threshold, a signal typically associated with long-term holders starting to sell. The timing coincided with market anxiety stemming from geopolitical tensions and concerns about U.S. trade policy.

Notably, despite aggressive institutional accumulation earlier in the year, with firms like Tether, MicroStrategy, and Metaplanet purchasing a combined 91,781 BTC, the market remains under pressure. Bitcoin has dropped over 28% from its all-time high despite this influx, with analysts attributing the weakness to heavy selling by longtime holders and ETF outflows totaling around $4.8 billion.

Currently, despite a spirited recovery effort on Wednesday, the market remains volatile, with key support emerging in the $80,000 level. At the time of writing, BTC was trading at $84,896, reflecting a 0.51% surge over the past 24 hours.