Two Bitcoin wallets that had been dormant for more than 12 years moved a total of 417 BTC, whose value had risen hundreds of times compared with when they were first received.
According to an October 18 post by on-chain data platform Lookonchain, both wallets transferred out all of their Bitcoin balances after a long period of silence. The 417 BTC moved had a total value of $33.85 million, or approximately $34 million, according to the post.
Bitcoin was priced at $127 when it first arrived
When one of the wallets first received Bitcoin, the price of BTC was just $127; when the other received it, the price was $355. Lookonchain calculated that, compared with those prices, the Bitcoin’s value had risen approximately 638 times and 229 times, respectively.
The roughly 640-fold figure in the headline refers to the first wallet, which received Bitcoin when its price was $127. The figures used in this comparison are the market prices from when the Bitcoin first arrived in the wallets; the owners’ actual purchase costs were not included in the post.
Bitcoin worth approximately $34 million moved
What drew attention to the movement was that the two wallets ended more than 12 years of inactivity by transferring their entire balances. No information was shared indicating that the Bitcoin was sold after the transfer; the increase in value by hundreds of times does not represent realized profits from a sale.
Not investment advice.