A Bitcoin (BTC) wallet dormant for more than 14 years has suddenly become active, moving 600 BTC worth about $51.15 million as Bitcoin surged toward $87,000. According to a Tuesday tweet by b
A Bitcoin (BTC) wallet dormant for more than 14 years has suddenly become active, moving 600 BTC worth about $51.15 million as Bitcoin surged toward $87,000.
According to a Tuesday tweet by blockchain tracker Whale Alert, the dormant address containing 600 BTC was activated after remaining untouched for 14.2 years. The coins were valued at $51,150,182 at the time of the transaction.
Notably, the wallet movement comes as Bitcoin posted a strong recovery, with BTC rising to as high as $87,341 late Monday for the first time since January.
However, the movement of the 600 BTC does not necessarily mean the holder is preparing to sell. There is currently no indication that the coins were transferred to a cryptocurrency exchange. The Bitcoin could have simply been moved to another wallet controlled by the same holder.
That said, movements involving wallets that have remained inactive for more than a decade often attract attention because they involve coins acquired during Bitcoin’s early years, when the asset traded at a fraction of its current value.
The latest transaction also comes just days after another long-dormant Bitcoin wallet was activated.
On Saturday, Galaxy Research reported that a wallet that had remained untouched since November 2011 moved 100 BTC worth around $8.09 million. The coins had reportedly been acquired at an average cost of about $3 per BTC and remained dormant for nearly 15 years.
Meanwhile, the latest 600 BTC transaction comes amid renewed buying activity across the Bitcoin market.
US spot Bitcoin ETFs recorded nearly $1 billion in net inflows on September 21, according to SoSoValue data. The products attracted approximately $999 million, marking their largest inflow in 12 months.
Elsewhere, BlackRock’s IBIT led the inflows with $381.4 million, while ARKB recorded $289.1 million and Fidelity’s FBTC attracted $238.8 million.
Meanwhile, Glassnode reported a shift in Bitcoin taker activity from selling toward buying, alongside rising trading volumes and short liquidations.
“Bitcoin touches $86k, up more than 10% from last Sunday’s close. Spot and perpetual buyers lead while leverage and profit-taking slowly rise with price.” The firm tweeted Monday. “ETF flows are the one reading still pointing the other way.”
Blockchain analysis firm Wintermute also highlighted a major shift in Bitcoin’s technical structure as the cryptocurrency pushed higher. BTC closed last week at $81,159, putting it above its 50-week moving average for the first time since early November. Bitcoin had previously spent 44 consecutive weeks below the key indicator, giving the cryptocurrency room to push higher toward the $87,000 level.
According to the firm, Bitcoin’s ability to hold above the 50-week moving average would be an important confirmation that the June low has held, rather than just another short-term move above resistance.
At press time, Bitcoin was trading at $84,490, up 0.63% in the past 24 hours.
