Bitcoin has surged over 24% against the U.S. dollar this month, and on November 7, 2023, an intriguing event took place: two dormant bitcoin addresses from 2010 were activated and transferred roughly 100 BTC, valued at $3.4 million according to the current bitcoin exchange rates. While 100 BTC may not be a staggering amount, these two transactions represent the 11th instance of dormant bitcoin wallets from 2010 reawakening in 2023, marking a significant decrease in frequency compared to past years.
2 Bitcoin Wallets From 2010 Spring to Life With $3.4 Million Transfer
On November 7, 2023, a ripple in the digital realm occurred as two ancient bitcoin addresses, created in the nascent stages of the crypto economy back in 2010, broke over a decade of inactivity. The two 2010 spends were discovered by btcparser.com. The initial transfer was executed at block height 815,655, with the wallet labeled “1BNE4” channeling 50 BTC to another legacy address. This wallet first came into existence on July 9, 2010, aging over 13 years before its first spend.
The transaction achieved a modest level of anonymity, scoring an 81 out of 100 on Blockchair’s privacy scale. Despite this, the transaction was not completely covert, exhibiting issues such as matched inputs and outputs and co-spending indicators. A second transaction, at the same block height, saw an equal amount of 50 BTC being moved from a wallet that began its digital life on May 21, 2010. Notably, the “1CNJv” wallet followed the “1BNE4” wallet in directing funds to identical outputs.
Following the euphoric heights of the bitcoin bull run ending in 2021, the frequency of movements from dormant 2010 bitcoin wallets has declined sharply. During the peak years of 2020 and 2021, a particular whale unleashed several waves of 20 consecutive transfers, each carrying block rewards, amounting to massive 1,000 BTC batches. Contrastingly, in the current year, while there has been a noticeable number of dormant 2011 bitcoin transactions, 2012 has asserted its presence even more conspicuously.
Nevertheless, 2010 wallet activities this year have been rare, with only 11 surfacing in 2023. The sequence began on February 1, followed by the next on March 20, and the subsequent third and fourth 2010 transactions on May 22. The series of vintage 2010 spending continued with the fifth on June 15, the sixth and seventh on June 26, the eighth transaction on July 24, the ninth on August 14, with the most recent, the tenth and eleventh transactions, awakening on Tuesday morning.