Dormant wallets dating back to the early days of Bitcoin network suddenly become active, sparking speculation on owners and reasons behind the transfers
Three Bitcoin wallets, dating back to the early days of the Bitcoin network, have recently transferred a total of 6,500 BTC. These wallets, known as Satoshi-era wallets, had been dormant since November 2017. The total value of the transferred Bitcoin is approximately $230 million.
There is speculation that these wallets may belong to the same individual or entity due to their simultaneous activity after years of dormancy. The wallets are believed to be linked to F2Pool, a Bitcoin mining pool, suggesting that the Bitcoin may have been accumulated through early mining. However, the exact identity of the wallet owners remains unknown.
The reasons behind these transfers remain unclear. Some speculate that the recent surge in the value of Bitcoin, which reached a new yearly high above $35,000, may have prompted the wallet owners to move their funds. There is also speculation that long-time crypto users are moving funds to new wallets due to security concerns.
This recent activity follows a trend of older Bitcoin wallets rising from dormancy and transferring BTC to new addresses. It is not uncommon for Bitcoin wallets from the early era to lay dormant for years before suddenly transferring their holdings. As the value of Bitcoin continues to rise, it is likely that we will see more of these dormant wallets awaken.