Dormant bitcoin wallet awakens after 15 years, drawing attention for 461,981 percent gain

A bitcoin address that had not moved for more than 15 years has become active again.

On Aug. 17 (local time), blockchain outlet U.Today reported the address moved 8.54 BTC in block 962770.

Galaxy Research data showed the address held 8.54 BTC, worth about $538,000 at current prices. The bitcoin had not moved for more than 15 years since it was first deposited on June 13, 2011. The estimated realized profit from this transaction is about $538,000, implying a return of 461,981 percent.

The timing of the address’s creation also drew attention. The likelihood of a direct link to bitcoin creator Satoshi Nakamoto is very low, but the market has taken interest because it was created just a few months after Satoshi’s last post on social media.

When long-dormant bitcoin moves, the market often focuses on the possibility that early investors are taking profits. That is because bitcoin acquired at low prices has risen sharply in value, and transfers to exchanges can be interpreted as potential selling supply.

Still, the fact that bitcoin moved on-chain alone makes it difficult to conclude whether it was actually sold. Transactions can occur for various reasons, including transfers between personal wallets, changes in custody methods and address consolidation, so it is necessary to further examine whether the funds move to an exchange.