In brief
- An ancient, as-yet-unidentified whale moved 306 Bitcoin on Friday.
- The address has not been active for over a decade.
- Bitcoin’s value has surged dramatically since the wallet’s funding in 2013.
Funds stored in a dormant cryptocurrency wallet for more than ten years were emptied Friday, cryptocurrency data shows.
The wallet, identified by the starting prefix “1c5Cb,” was first funded via a CoinJoin address early in 2013, when Bitcoin cost approximately $75 per coin, according to data provider CoinMarketCap and analytics platform Arkham Intelligence.
At present market prices around $109,000, the remaining balance represents an unrealized profit of over $34.8 million since its initial funding. The asset’s recent price dip has triggered activity among long-term holders.
Meanwhile, other massive dormant wallets are reportedly also coming online during this market downturn. Two weeks prior, significant coins were moved from an even older dormant address to Galaxy Digital, leading to the exchange reportedly selling approximately $9 billion worth of Bitcoin on behalf of an undisclosed client.
Bitcoin is currently navigating a potential correction phase as significant holders choose to liquidate their positions, according to cryptocurrency data firm CryptoQuant.
The recently moved assets specifically did not appear to be directed to an exchange. The transferred Bitcoin was distributed between two wallets holding 106 and 200 coins respectively.
CoinJoin transactions, like the one used to fund this address, combine inputs and outputs from multiple senders and receivers to enhance transaction privacy on the Bitcoin network.
Concerns regarding quantum computing vulnerabilities remain relevant for holders of extremely old Bitcoin keys, potentially including the creator’s presumed holdings of 1.1 million coins.
