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Dormant Bitcoin wallets activate as BTC hits new highs

Dormant Bitcoin wallets activate as BTC hits new highs

GrafaGrafa2024/11/07 07:37
By:Mahathir Bayena

Bitcoin’s (CRYPTO:BTC) recent surge past the $74,000 mark has brought long-untouched BTC holdings back into action, with notable transactions from vintage wallets.

Bitcoin recently hit a new high at $75,397 per coin on Bitstamp, sparking renewed excitement and movement among long-term holders.

One notable transaction saw 156.0801 BTC, untouched since its creation on July 29, 2017, move for the first time.

When this wallet was created, Bitcoin was priced at $2,726, valuing the stash around $425,474; today, it’s worth an impressive $11.6 million.

Blockchair assigned a privacy score of 50 out of 100 to this transaction, pointing out software-related privacy weaknesses and reuse of the address in inputs.

Another wallet from 2013 came alive, moving over 100 BTC in a single transaction for the first time in a decade.

At block height 869,116, the user transferred 109.44 BTC, which had been inactive since March 14, 2013.

This transfer split funds into smaller amounts across several transactions, receiving a privacy score of 45 on Blockchair due to legacy wallet limitations.

These movements suggest that as Bitcoin's value climbs, some long-term holders may be reassessing their positions, possibly cashing in on the current highs.

While BTC’s resilience encourages some veteran holders to take action, privacy seems less of a priority, with low scores indicating minimal efforts to mask these transfers.

The reactivation of vintage wallets hints at a shift in strategies among long-term holders, likely influenced by market conditions and Bitcoin's steady upward trend.

This trend of dormant BTC coming back online may continue, with future price peaks potentially motivating more long-term holders to move or liquidate their holdings.

Bitcoin’s rising value and renewed activity from old wallets highlight its persistent appeal and adaptability, even as veteran holders make moves that hint at strategic shifts.

For now, all eyes are on the price trajectory as market participants monitor how high Bitcoin might climb and how long-term holders will respond.

At the time of the reporting, Bitcoin price was $75,252.57.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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