A sizable number of historical bitcoins, which date from 2010 to 2017, have been transferred for the first time since they were initially created, just as the price of the cryptocurrency is about to break all previous records. Based on available information, in the first week of March 2024, 4,237.73 old bitcoins worth over $283 million were spent for the first time in history.
“Sleeping Bitcoins” Return in March 2024, Transacting $283 Million
When Bitcoin reached its highest price of $69,210 per unit on Tuesday, Bitcoin.com News revealed a noteworthy transaction involving a huge whale who moved $1,000 worth of the cryptocurrency from 20 different 2010 wallets. The price of bitcoin has been above $60,000 for the entire month of March. At the beginning of the month, the same organization moved 2,000 BTC, which came from block rewards in 2010. Transfers from 2010 are extremely rare these days, therefore the 3,000 BTC moved by this monster is the biggest expense from that year for the entire year 2024.
This particular whale was not the only one to trade in allegedly “sleeping bitcoins” this month. Up to now, 1,237.73 BTC have been transferred from wallets created between 2011 and 2017. These wallets, which had not experienced any activity since they were created, suddenly became active when Bitcoin continued to rise above $60,000. In particular, two transactions involving 150.06 BTC from 2011 block rewards were executed in March of this year, March 6, 2024. The big whale shifted 1,000 coins on the same day as another transaction from 2011.
No transactions from 2012 have been reported this month, according to Btcparser.com, but 588.05 BTC worth of dormant bitcoins from 2013 have been mobilized. Just 50 bitcoins from 2014 have been exchanged, 150 bitcoins from 2015 wallets have been made public this month, and only 12.66 bitcoins from 2016 have been seen.
At the same moment, 286.95 BTC from wallets created in 2017 were transacted for the first time. It’s crucial to understand that this article’s usage of the word “spent” does not suggest that these coins were bought, sold, or traded on the open market. All it means is that the assets are now in completely new wallets, and this is the first time these currencies have been transacted through the original wallet since it was created.
These transfers may be the result of a variety of reasons. For example, some original holders may have been liquidating their holdings in order to realize gains, while others may have been transferring them in order to consolidate holdings or move to more contemporary or secure wallets. However, the community is curious as to why these judgments were made at this particular time given the activity of these inactive bitcoins. It appears that March will be a particularly noteworthy month for the resurgence of so-called “sleeping bitcoins,” with a total of 4,237.73 BTC moving.
How much do you estimate has been spent in March thus far on allegedly “sleeping bitcoins”? Please feel free to express your ideas and opinions in the space provided for comments below.