Dormant Bitcoin Whale Wakes up After 11 Years to Transfer $31M in BTC

A Bitcoin wallet that was inactive for more than a decade has recently sent out more than $30 million worth of BTC to another address.

The whale received the stash in mid-April 2012 when the USD valuation of the primary cryptocurrency was south of $5.

As revealed by Lookonchain, the mysterious whale who was hibernating for more than 11 years transferred the assets worth approximately $31 million (calculated at current prices) to a wallet containing the abbreviation “bc1qt180” on July 22.

A BTC whale that has been dormant for 11 years transferred all 1,037.42 $BTC($37.8M) to a new address”bc1qtl” an hour ago.

The whale received 1,037.42 $BTC($5,107 at that time) on Apr 11, 2012, when the price was $4.92.https://t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8

— Lookonchain (@lookonchain) July 22, 2023

The total holdings of 1,037.42 BTC were received on April 11, 2012, when the leading digital asset was trading at $4.92. Due to bitcoin’s price increase over the years, the stash is currently worth 606,000% more.
Many Twitter users who commented below the post were baffled by the whale’s actions, with some assuming they might have lost access to their private keys or got temporarily hacked.
Others suggested that the BTC investor had missed their chances to reactivate the holdings by two years, pointing to bitcoin’s all-time high price back then.
As CryptoPotato reported, another whale who remained inactive for nine years woke up in April this year to transfer 2,071.5 BTC to a new address. The stash was worth more than $60 million at the time of the transaction, whereas it equaled $1.3 million in 2013.