May 23, 2024
Bitcoin News

Dormant Bitcoin Wallets See Increased Activity in May

The latest surge in transactions from dormant bitcoin wallets, particularly from 2013, has propelled May ahead of April by 1,181.32 BTC. This amount, valued at $74.46 million, highlights increased activity involving long-inactive bitcoins, often untouched for over a decade.

Tracking Dormant Bitcoin Wallets

The web portal tracks 64,529 addresses from 2009 to 2017 that have been dormant since their establishment.

Most of these addresses date back to 2009 and 2010, with 21,519 and 12,396 wallets respectively. March saw significant activity, including the movement of thousands of coins from 2010 by a mysterious whale.

April witnessed minimal activity, with only a single 2010 block reward spent when the address “15sxz” transferred 50 BTC for the first time since April 22 of that year.

Additionally, five transactions from 2011 amounted to 1.257 BTC, and two transactions from 2012, likely by the same owner, each spent 10 BTC.

Increased Transactions in May

A total of 13 transfers from 2013 were observed in April, amounting to 612.08 BTC. Ten transactions from 2014 saw approximately 365.263 BTC moved.

The year 2016 saw prominent activity with 23 transactions totaling 785.88 BTC. Finally, 17 transactions from 2017 moved 391.14 BTC.

April recorded 2,246.84 BTC worth $141.63 million. In contrast, May has already recorded 3,428.16 BTC worth $216 million, including a single 2010 block reward spend of 50 BTC, two transfers from 2011 spending 75 BTC, and three from 2012 spending 256.419 BTC. Approximately 1,202.432 BTC was spent in 2013 across 11 transactions.

Implications for the Market

The increase in dormant bitcoin activity underscores a notable shift in the behavior of long-term holders. With more vintage wallets becoming active, the market could see significant implications for bitcoin’s liquidity and valuation. This trend highlights the unpredictable nature of bitcoin transactions and the enduring impact of early adopters in the cryptocurrency landscape.

Photo by Alesia Kozik

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