{"id":34979,"date":"2022-11-13T07:59:40","date_gmt":"2022-11-13T07:59:40","guid":{"rendered":"https:\/\/egrowonline.com\/?p=34979"},"modified":"2022-11-13T07:59:40","modified_gmt":"2022-11-13T07:59:40","slug":"wake-up-call-bitcoin-wallets-move-3500-btc-dormant-since-2011","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=34979","title":{"rendered":"Wake up call? Bitcoin wallets move 3,500 BTC dormant since 2011"},"content":{"rendered":"


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Amid the ongoing market turbulence for Bitcoin (BTC<\/a>) and other cryptocurrencies, some big investors are waking up to move their BTC holdings that were untouched for about a decade.\u00a0<\/p>\n

According to on-chain data, seven dormant Bitcoin wallets awakened on Nov. 11 to move a total of 3,500 BTC ($60,6 million) to new addresses. A transaction fee for one of these 500 BTC transactions ($8.7 million) amounted<\/a> to just 0.00011383 BTC, or $2.00.<\/p>\n

Blockchain researcher and developer Kirill Kretov flagged<\/a> the transactions in a LinkedIn post, noting that the new addresses were \u201cnot consolidated\u201d yet.<\/p>\n

Each of the mentioned seven addresses was holding 500 BTC for about 11 years, with all seven receiving the stash on July 10, 2011. All of the wallets received<\/a> the amount at the exact same time, 12:22 pm UTC, and for each of them, it was the very first transaction.<\/p>\n

Kretov pointed out that the new wallets have changed the address format from pay-to-public-key-hash (P2PKH) to pay-to-script-hash (P2SH). P2PKH is the most common script type for Bitcoin transactions, where transactions are resolved by sending the public key and a digital signature created by the corresponding private key.<\/p>\n

Unlike P2PKH, the P2SH format allows transactions to be sent to a script hash instead of a public key hash, requiring recipients to provide a script hash and additional data. According to online sources, the recipient might need<\/a> the signatures of several people to spend Bitcoin on P2SH format addresses, or a password might be required.<\/p>\n

Related: <\/em><\/strong>How to transfer $1 billion for basically free: Bitcoin whale watching<\/em><\/strong><\/a><\/p>\n

The awakening of dormant BTC addresses isn\u2019t something new to the Bitcoin community. In mid-October, a Bitcoin whale moved as much as 32,000 BTC<\/a> for the first time since 2018.<\/p>\n

Previously, another big BTC investor moved out as much as 48,000 Bitcoin from Coinbase Pro, CryptoQuant CEO Ki Young Ju reported. A large portion of the moved Bitcoin was reportedly dormant since 2011. Last year, Cointelegraph reported on a dormant Bitcoin wallet that moved 321 BTC<\/a> for the first time since 2013.<\/p>\n<\/div>\n


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Amid the ongoing market turbulence for Bitcoin (BTC) and other cryptocurrencies, some big investors are waking up to move their BTC holdings that were untouched for about a decade.\u00a0 According to on-chain data, seven dormant Bitcoin wallets awakened on Nov. 11 to move a total of 3,500 BTC ($60,6 million) to new addresses. A transaction […]<\/p>\n","protected":false},"author":1,"featured_media":34980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,194,4196,2246,883,6305,833],"class_list":["post-34979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-btc","tag-call","tag-dormant","tag-move","tag-wake","tag-wallets"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZGVjYTg2ZTYtMDhkMy00ODAyLTlkNDMtYjM5MzYwZmQwMjgzLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34979"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34979\/revisions"}],"predecessor-version":[{"id":34981,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34979\/revisions\/34981"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/34980"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34979"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}