3,500 “sleeping bitcoins” from a wallet created on October 7, 2011, moved for the first time in more than 11 years on November 11 amid the confusion surrounding troubled cryptocurrency companies like FTX and Blockfi.
$60 Million Worth of 11-Year-Old Bitcoins Move Amid the Crypto Market Rout
On Friday morning (ET), a long string of so-called “sleeping bitcoins” moved after lying dormant for more than 11 years. Seven different BTC addresses created on October 7, 2011, were the source of the 3,500 BTC worth more than $60 million. It is the first significant group of long-sleeping bitcoins that awaken in months.
Btcparser.com discovered the 3,500 bitcoins from 2011, and none of the corresponding bitcoin cash (BCH) or bitcoinsv (BSV) tokens were used by the owners of the seven different addresses.
From the 3,500 total bitcoins, the first 500 came from the address “1roet,” and this was verified at block height 762,676. A 500 BTC transfer was also confirmed for the BTC address “1ueNd” at block height 762,676. At block height 762,679, 500 bitcoin from “14x5C,” “1Es8m,” “1Hfpr,” and “1JziG” were verified.
Shortly later, the owner transferred an additional 500 bitcoin from “17gTy,” which was verified at block height 762,684. Every address in the 3,500 BTC stockpile was made on October 7, 2011, 4,053 days ago. On that day, BTC was trading for just over $4 per unit, and on October 31, 2011, it ended the month at $3.27 per unit. The 3,500 BTC stash was only worth $14,000 when the addresses were first made.
We don’t know why the owner of the 3,500 BTC spent the coins 11 years later at the lowest point in BTC value in the previous two years. The fact that the bitcoins were used does not necessarily imply that they were sold. In reality, all the currencies switched from pay-to-pubkey-hash (P2PKH) to pay-to-script-hash (P2SH), and the bitcoins are still in their original single-address configuration.
In addition to the 3,500 bitcoins moved on November 11, some 50 BTC were transferred for the first time in more than a decade from a wallet created on May 21, 2010. The 2010 block subsidy was last used in August 2022. Additionally, the original owner spent none of the corresponding BCH and BSV coins attached to the 50 BTC from 2010.
What do you think about the so-called ‘sleeping bitcoins’ from 2011 that woke up on Friday? Let us know your thoughts about this subject in the comments section below.