‘Sleeping Bitcoin’ Spending Slows Significantly In 2022 As 92-Decade-Old BTC Wake Up Worth $1.79M – Bitcoin News

While bitcoin’s price remains range-bound and hovering just above the $19,000 zone, over 60% of bitcoin in circulation hasn’t moved in a year or more. In addition, there have been very few transfers of bitcoins from 2010, and more than two months have passed since the last block subsidy transfer in 2010. Meanwhile, occasional block subsidy transactions for 2011 have surfaced, and on October 25, 2022, approximately 92.76 bitcoin worth approximately $1.79 million from 2011 were transferred to unknown wallets.

2010, 2011 “Sleeping Bitcoin” issues slow down – 92 Bitcoin from 2011 were transferred on Tuesday

On October 24th, Bitcoin supporters celebrated the number of bitcoins (BTC) that have not moved in a year or more. Bitcoiners shared a chart from Glassnode showing that more than 60% of BTC in circulation hasn’t moved in a year or more.

The Glassnode chart shared on r/bitcoin on October 24, 2022 shows that more than 60% of the BTC in circulation has not moved for a year or more.

Bitcoin.com News also noted that the number of so-called “sleeping bitcoins” transferred in 2022 has slowed sharply since BTC price hit all-time highs in late 2021. For example, data from January 2021 to September December 2021 had shown 152 transactions derived from “sleeping bitcoins” from 2010.

The same research had shown that from January 2021 to September 2021, 85 transfers of 2011 “dormant bitcoins” took place. In mid-November 2021, while Bitcoin (BTC) was heading towards its all-time high of $69,000, hundreds of millions of dollars worth of “sleeping bitcoins” were being transferred.

The two 2011 “sleeping bitcoin” releases on October 25, 2022 at block heights 760,212 and 760,219 were intercepted by blockchain parsing tool Btcparser.com.

However, this year the number of “sleeping bitcoins” from 2010 was only 12, and the number of transactions from 2011 totaled only 30 transfers. Additionally, approximately 64 days have passed since the last BTC issuance in 2010 on August 22, 2022.

Since then, however, there have been a total of ten transactions in 2011, with two transfers being made on Tuesday 25th October 2022. On Tuesday, 42.76 BTC was transferred to an unknown address and issued at block height 760,212.

It’s worth noting that the terms “spent” or “issue” in this article do not necessarily mean that the bitcoins were “sold” to a third party for fiat or another crypto asset. After issuing 42.76 BTC, seven block subsidies later at block height 760,219, approximately 50 BTC was transferred to an unknown address.

Between the 42.76 BTC and the 50 BTC moved on Tuesday, the stash was worth a nominal $1.79 million using today’s BTC exchange rates. While October is not yet over, September and October saw no 2010 spending at all, but a total of nine 2011 remittances were made during the two month span.

While 2022 had much less spending from 2010 and 2011, the year featured some types of transfers that hadn’t happened since May 2020. This year, a total of five block subsidies, or about 250 BTC mined in November 2009, were transferred.

The most recent data from Glassnode shows that more than 60% of the BTC in circulation hasn’t moved in a year or more, and the lower transfers in 2010 and 2011 suggest that BTC owners are hoping for the end of the bear market wait before moving old coins. A large majority of the old “sleeping bitcoins” moving in October came from coins and block subsidies from 2012, 2013, 2014, 2015, 2016 and 2017.

tags in this story

$1.79 million, 2010, 2011, 2012, 2013, 92 BTC, bitcoin, bitcoin (BTC), bitcoin mining, block rewards, BTC blocks, Btcparser.com, miners, issue October 25, sleeping bitcoins

What do you think of the slowing trend in “sleeping bitcoin” spending in 2010 and 2011? Do let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Btcparser.com,

Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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