A dormant Bitcoin address has suddenly become active after six long years.
Blockchain intelligence company PeckShield revealed through a tweet that the previously inactive address “13RLtG…PXs,” which held approximately 2,100 BTC, has been reawakened.
According to data from BitInfoCharts, this Bitcoin address initially received the stash of BTC on October 19, 2017, when its value stood at roughly $11.8 million, which has since surged to approximately $56.3 million, marking a substantial return on investment.
This significant increase in value raises the possibility that the owner could be gearing up for an upcoming event, like a major sale or reinvestment.
The owner of the address moved their bitcoins to a new wallet, “1LGnp5…GgM,” as per PeckShield’s findings.
The substantial movement of funds injects an element of intrigue and excitement into the dull market.
The decision to spend or move inactive coins can be a complex one, often governed by an individual’s unique circumstances and various underlying factors.
For example, a significant surge in Bitcoin’s value may motivate owners to sell or trade their dormant holdings to capitalize on profits.
However, Bitcoin has been trading below $30k for nearly a year except for a few brief occasions.
Changing financial needs, concerns about wallet security, or the desire for a more secure storage method are some of the other factors that may also prompt the movement of these assets.
Several dormant addresses have woken up in recent months, including one that was inactive for more than a decade. It had recently transferred over $30 million worth of BTC to another address.