Massive Wealth Transfer: Dormant BTC Address Surges To $56.3M After 6 Years

Key Points:

• A dormant BTC address transferred approximately $56.3M after 6 years of inactivity.
• The receiving address had no previous transactions before this transfer.
• In 2017, the dormant BTC address received $11.8M worth of BTC, which has now grown to $56.3M.

A dormant BTC address, which received ~2,100 BTC (worth about $11.8M at the time of transfer) on October 19, 2017, moved its BTC (now worth ~$56.3M) to a new address.

According to BitInfoCharts data, a dormant BTC address starting with 13RLtG, which had been inactive for nearly 6 years, recently transferred all 2099.99 BTC (approximately US$56.309 million) it held to a new address starting with 1LGnp5. The receiving address, 1LGnp5, had no previous transactions before this transfer.

In October 19, 2017, the dormant BTC address 13RLtG…PXs had received approximately 2,100 BTC (worth about $11.8M at that time). Now, after 6 years, it has moved its BTC, which is now valued at around $56.3M, to the new address 1LGnp5…GgM.

According to data from Glassnode, Long-Term Holders currently control a significant 70% of the total Bitcoin supply, which amounts to 14,787,265 BTC. Wherein, 69.2% of these long-term holders are currently in a profitable position, as they have held their BTC for an average of more than 155 days.

A month ago, CoinCu reported a long-dormant Bitcoin address, untouched for over 12.8 years, has sprung to life. Whale Alert recorded the activation of an address housing 1,005 BTC. Initially valued at around $1,316 per BTC, this stash has now surged to a staggering $29.75 million, marking a remarkable 22,500-fold increase.

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