Crypto Giants Stir: Vintage BTC Wallets Shift Millions, 1,940 Genesis ETH Lands on Coinbase

Million-Dollar Transfers From Long-Inactive Crypto Wallets

As 2024 comes to a close, the digital currency market remains in a bullish state, with its valuation reaching $3.33 trillion and bitcoin maintaining its position above $90,000 for an impressive cumulative total of 43 non-consecutive days. Amidst this landscape, a fascinating trend has emerged: vintage cryptocurrency wallets are awakening after years of dormancy.

Dormant Crypto Wallets Resurface

Recent months have seen significant activity from long-inactive wallets across various blockchains. The elevated prices of digital assets have prompted long-term holders to rethink their strategies, resulting in the movement of cryptocurrencies untouched for years.

On December 27, Whale Alert, a blockchain tracking service, detected a Genesis Ethereum wallet transferring 1,940 ETH—valued at $6.5 million—after being dormant for 9.4 years. The wallet still holds 467.77 ETH, which was not part of the original Genesis ether acquired on July 30, 2015. Blockchain data reveals that the transferred ether was sent to a wallet associated with Coinbase. Similarly, on December 28, additional dormant bitcoin wallets moved substantial holdings.

Major Bitcoin Movements

One notable event involved a wallet transferring 7,000 BTC after a seven-year hiatus. Sani, the operator of timechainindex.com, highlighted this transaction on social media, stating, “This chad held on to 7,000 BTC for 7 years, hodled from $62M to $663M. The funds haven’t been sold; they just split into 1,000 BTC addresses.” Originally created on April 20, 2018, this wallet previously held 9,465.71 BTC before its recent movements.

In another instance, btcparser.com tracked an address from 2014 that transferred 357.40 BTC, valued at $33.9 million at current rates. The legacy Pay-to-Public-Key-Hash (P2PKH) address, created on January 10, 2014, moved the funds to an unidentified Pay-to-Witness-Public-Key-Hash (P2WPKH) wallet. These bitcoins, initially worth $302,360 in 2014, have seen their value grow exponentially.

Privacy and Transaction Insights

Blockchain privacy tools shed light on these movements. Blockchair.com’s analysis tool rated the 2014 transaction with a “low” privacy score of 35 out of 100 due to matched addresses and repeated use of the same input addresses. Similarly, the 2018 wallet transfer received a score of 45 out of 100 for similar privacy challenges and sending round amounts.

The Legacy of Early Adopters

The resurgence of dormant wallets underscores the strategic patience and belief in decentralized financial systems held by early adopters. These movements reflect the enduring impact of blockchain technology and hint at a continually evolving market. As vintage wallets awaken, they offer a glimpse into the storied history and promising future of cryptocurrencies.