Bitcoin wallet wakes up after 12 years of dormancy, moves 500 coins

A bitcoin wallet that has been inactive for nearly 12 years transferred its entire 500 BTC +0.19% — worth just under $35 million at current prices — to multiple new addresses.

The wallet originally received 500 bitcoins on July 14, 2012 — worth less than $4000 at the time — when the bitcoin price was less than $8, as noted by Lookonchain.

The identity of the individual or entity behind the bitcoin transfer remains unknown, as is the reason for the transfer.

Recent and notable bitcoin transfers

Yesterday's mysterious bitcoin movement follows an even more interesting one from earlier this week when an individual or entity who received 2,000 bitcoins in mining rewards in 2010 consolidated them into a single wallet .

At the time those blocks were mined, the rewards were worth a total of roughly $600. Now, that amount is worth approximately $140 million, according to The Block's Bitcoin Price Page .

Some in the industry, such as CryptoQuant founder and CEO Ki Young Ju, believe such movements indicate "a sell-side liquidity crisis" potentially spurred on by demand from new spot Bitcoin exchange-traded funds in the United States.

Last weekend, another notable movement occurred on the Bitcoin blockchain: the fifth most affluent Bitcoin address moved $6 billion worth of bitcoin to three new addresses.

Earlier this year, in January, an individual or entity sent 26.9 bitcoins, worth $1.2 million at the time, from what appears to be Binance to the Bitcoin network's genesis wallet — effectively burning the coins forever.