According to crypto analytics firm PeckShield, a dormant Bitcoin (BTC) wallet has woken up after six years with $82.3 million worth of BTC. The wallet contains 2995.11 BTC purchased on May 7, 2016. At the time, BTC was trading for around $459 per coin. The total investment for the 2995.11 coins would have been around $1.37 million. The value of the investment has increased by 5925.71% over the last six years.
According to PeckShield, the coins in the wallet were moved to two new addresses. Moving to a new address is always better than moving to exchanges as it means the coins will not be sold. However, the reason for the move is unclear. It is possible for the investor to organize his portfolio.
Also read: Bitcoin Whale wakes up after six years of slumber and transfers 3,000 BTC
However, this is not the only dormant Bitcoin (BTC) wallet that has awakened after years of sleep. Recently, another BTC wallet woke up after almost three years, moving around 5,000 coins worth around $140 million.
In August, another BTC wallet woke up after sleeping for almost 13 years. The wallet moved almost 1005 BTC worth around $29.7 million. Due to its age, many speculate whether this wallet has ties to the anonymous creator of Bitcoin (BTC), Satoshi Nakamoto.
Why Are Dormant Bitcoin Wallets Awakening?
Source: Pixabay
Early BTC investors who held for the long term made millions in profits. However, some old wallets that have been lying dormant for years are slowly coming to life. There are several reasons why these wallets are waking up now.
Also Read: Fidelity calls Bitcoin the safest and most decentralized cryptocurrency
First, it is possible that the regulatory situation in the investor’s home country changes. Some have moved their holdings into two separate wallets. This could be a security measure on the part of the investor.
In addition, it is also possible for investors to move their funds to make profits. Maybe they expect BTC prices to fall and want to make a quick buck before then.
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