Bitcoin worth over $60 million has been transferred from dormant wallets that have remained inactive for over a decade.

The transfer, which occurred yesterday, involved the movement of 1,000 BTC, valued at $62.8 million according to current prices.

Dormant Addresses Move BTC Worth $62.8 Million

According to on-chain data, two Bitcoin wallet addresses, dormant since September 12, 2013, moved a total of 1,000 BTC, valued at over $62.8 million at current prices. The movements occurred in succession, with one address transferring 500 BTC ($31.4 million) at 9:46 a.m. UTC, followed by a second identical one, just 20 minutes later.

These wallets had received 500 BTC each back in 2013 when bitcoin was trading at around $124, amounting to approximately $62,000 in value at the time. Fast-forward to today, with bitcoins price close to $63,000 according to CoinGecko data, the value of the transferred fortune has surged more than 500 times over the past decade.

Funds from the first wallet were further divided and sent to additional addresses, while those from the second are yet to be moved elsewhere. The reason behind these transfers remains unknown, as does the identity of the wallets owners.

However, the similarity in transfer amounts and the closeness of transactions suggest a potential connection between the two addresses.

Recent Bitcoin Whale Movements

This recent event is not an isolated incident in the crypto space. Just earlier this year, a Bitcoin whale moved 2,000 BTC, valued at $140 million, after lying dormant for 14 years. This transfer involved 40 sets of mining rewards, each consisting of 50 BTC, accumulated over a decade into one wallet.

Such movements of dormant Bitcoin have become increasingly common. Last week alone, 687.33 BTC, worth over $44 million, was moved for the first time in a decade. In March, the fifth richest address on the Bitcoin blockchain, dormant since 2019, transferred $6 billion worth of the asset to three new wallets. The transfer took place against a backdrop of increased institutional interest in Bitcoin caused by its price surpassing $70,000.

In January, nearly 50,000 dormant BTC became active less than a week after the approval of spot Bitcoin exchange-traded funds in the United States, hinting at a potential correlation between regulatory developments and dormant activity.