Dormant Bitcoin wallet moves $536M after more than 5 years of hiatus.
A Bitcoin Well has transferred 8,000 Bitcoin (BTC) worth $536.5 million from a Coinbase cold storage wallet after a five-and-a-half-year hibernation period.
BTC address “1ABww1…mCSKq” received the entire 8,000 BTC stash in block 847,490 on June 11 at 1:26 PM UTC, blockchain analytics firm Arkham Intelligence reported.
That wallet transferred all the bitcoins to the Binance deposit address “15u4H…rMsLa” exactly one block and 11 minutes later, Arkham data shows. No test transactions were made prior to the two transfers.
Coinbase's cold storage wallet first received 8,000 Bitcoin in dozens of transfers on December 5, 2018, mostly in 200 BTC batches.
Large holdings of suddenly active dormant addresses may suggest selling, especially if you enter an exchange depository address.
While it is not clear whether the Bitcoin wallet owner cashed out, the transaction has seen a nearly 1,700% increase from its purchase price of $3,750 on December 5, 2018.
Related: Bitcoin hash ribbs lights first buy signal starting at $25K BTC price.
It's not the first Bitcoin well to wake up in recent weeks, with two linked Bitcoin wallets transferring a combined 1,000 Bitcoin — worth $61 million at the time — on May 12.
A week ago, Satoshi Nakamoto's Era Bitcoin wallet transferred 687 Bitcoin worth nearly $44 million to two addresses.
While at least one early Bitcoin wallet tends to wake up every month, nearly 1.8 million Bitcoin addresses have remained dormant for more than a decade, according to an April 24 report by Chinalysis and Fortune.
These wallets, excluding Nakamoto's wallet, are equivalent to $121 billion worth of Bitcoin at current prices.
However, most of these wallet owners have lost or forgotten the pedigrees needed to access their bitcoins, so it's unclear how much of this can be earned.
Bitcoin has experienced recent price declines, falling 7.5% from $71,650 on June 7 to $66,250 on June 11.
Despite the fall, the Fear and Greed Index, which tracks crypto market sentiment, scored 74 out of 100 in the “Greed” zone.
Big questions: How can Bitcoin payments generate returns?
