A wallet containing 687 Bitcoins suddenly "awakened" after 10 years of hibernation

According to the report, there are up to 1.75 million dormant Bitcoin addresses, containing more than 1.798 million BTC (worth about $121 billion) that have been inactive for more than a decade.

A Bitcoin wallet address that has been inactive since Satoshi Nakamoto's time in the BTC community has "awakened" after 10 years. Previously, this Bitcoin (BTC) wallet received 687.33 BTC (worth about 630,373 USD) on January 12, 2014, with an average BTC price of about 917.13 USD. Since then, this wallet entered a "hibernation" journey, inactive for many years.

The latest data from Lookonchain shows that on May 6, 2024, this wallet containing 687 BTC suddenly "wake up" again and transferred all the money to two different addresses.

Specifically, the wallet address owns 687 Bitcoins

"15WZNLACuvcDrrBL2btDErJggnaMQtHh5G" first transferred 625.43 BTC to wallet address "bc1qky" and the remaining 61.9 BTC to "bc1qdc". Both newly received addresses have not yet made any further moves for this amount of Bitcoin.

Currently, the value of all the above Bitcoin is 43.9 million USD, equivalent to an increase of more than 69 times compared to the original value.

The fact that very old cryptocurrency wallets, especially from the Satoshi era, are activated often attracts the curiosity of the crypto community. The term "Satoshi era" refers to the early days after Bitcoin's creation, when mysterious founder Nakamoto was actively participating in online forums. Some wallets that own Bitcoin during Satoshi's time are often speculated to be related to this mysterious founder himself.

However, experts believe that the 687 BTC wallet address is more likely related to early Bitcoin miners or buyers simply looking to make a profit.

According to a Chainalysis report cited by Fortune, a total of 1.75 million Bitcoin wallets have remained inactive for over a decade. Many of these wallets contain significant amounts of BTC, which were estimated to be purchased at a time when BTC prices were trading in the double digits and are now worth millions of dollars. These inactive wallets contain 1,798,681 Bitcoin, worth approximately $121 billion at current exchange rates.

Over the past few years, many “Satoshi-era” wallets have been reactivated simply to transfer BTC holdings to a new address. Some of these wallets were also found to have moved their BTC to cryptocurrency exchanges, suggesting they may be looking to take profits after nearly a decade.

One such wallet "awakened" recently in March 2024 after nearly 5 years of hibernation and transferred all 94,500 BTC (equivalent to nearly 6.6 billion USD currently) to 3 different addresses. Notably, with 94,500 BTC in possession, this is the "whale" wallet holding the 5th most Bitcoin in the world.

Previously, in November 2023, three whale addresses that had been inactive since 2017 transferred about 7,000 Bitcoin, worth $244 million at that time, to Bitfinex and were expected to take profits.