Dormant Bitcoin Wallet Transfers $535 Million to Binance

1 Min Read

A Bitcoin wallet that had been inactive since 2018 recently transferred 8,000 BTC (over $535 million) to Binance, the largest exchange by trading volume. This significant movement was highlighted by analysts from Lookonchain.

Investment History

The coins were originally purchased during the bear market phase in December 2018, when Bitcoin was trading at $3,800. The total investment amounted to more than $30.4 million.

Long-Term Dormant Wallets

According to an April report by Chainalysis and Fortune, there are approximately 1.75 million Bitcoin wallets that have been inactive for over ten years. These wallets collectively hold 1,798,681 BTC, valued at around $121 billion at the time of the report’s release. This represents 8.5% of the total Bitcoin supply.

It’s important to note that this estimate excludes around 30,000 addresses associated with Bitcoin’s creator, Satoshi Nakamoto.

Recent Similar Activity

In May, two wallets that had been dormant for more than a decade also moved a total of 1,000 BTC (approximately $61 million) to new addresses.

Share This Article