Sleeping Bitcoin Worth $613M Shifts in December, After Years of Dormancy, Fueled by Record-High Prices

Sleeping Bitcoin Worth $613M Shifts in December, After Years of Dormancy, Fueled by Record-High Prices

In the final month of 2024, Bitcoin (BTC) made history by crossing the $100,000 mark for the first time, eventually surpassing $108,000. As the leading cryptocurrency reached these record highs, an unexpected event occurred: 139 dormant Bitcoin wallets, created between 2010 and 2017, began to move their coins after years of inactivity. These “sleeping” bitcoins stirred as the price reached unprecedented levels, totaling over $613 million in transfers.

Record-High Bitcoin Prices Spark Movement of Legacy Wallets

As of Dec. 31, 2024, Bitcoin closed the year at $93,501 per coin. During December, long-dormant Bitcoin wallets, primarily using the Pay to Public Key Hash (P2PKH) address format, began moving coins for the first time in years. Among the most notable transactions was a 50 BTC Coinbase reward, originating from an address created on October 9, 2010—coins that had remained untouched for 14 years before being moved to a Pay-to-Script-Hash (P2SH) address.

The wallets from 2011 saw significant activity, with eight P2PKH addresses transferring 206.87 BTC, valued at approximately $19.3 million. Bitcoin addresses created in 2012 were also active, with a combined movement of 213.91 BTC. One of the more remarkable transfers from this group involved 104.99 BTC from an address created on Nov. 21, 2012.

2013 Wallets Lead the Way in Bitcoin Movements

The largest transfers of the month came from wallets created in 2013. Around 21 P2PKH addresses from this year moved 3,181.5 BTC, worth an astounding $297 million. Notably, one wallet made headlines by transferring 2,700 BTC on Dec. 3, 2024, marking one of the largest movements of the month.

Following closely behind were transfers from 2014 wallets, which moved 1,077.22 BTC across 26 transactions. Among the notable transfers, one wallet sent 210 BTC, and another transferred 357.40 BTC. Activity from wallets created in 2015 and 2016 also contributed to the total, with 2015 wallets moving 383.55 BTC and 2016 wallets shifting 373.85 BTC.

2017 Wallets Stir With Small and Large Transfers

Interestingly, the activity continued with 47 wallets created in 2017, which moved a combined total of 1,076.01 BTC. Among these, 19 addresses transferred tiny amounts of BTC (down to 0.00000547 BTC), seemingly part of larger transactions. In contrast, one of these wallets consolidated a larger transfer of 99.99 BTC.

A Total of $613 Million Moved

In total, these 139 legacy Bitcoin wallets that awoke in December 2024 transferred an impressive $613 million worth of Bitcoin—roughly 6,562.91 BTC. This significant movement highlights Bitcoin's ongoing appeal, especially as its price reached all-time highs. The motivations behind these movements remain unclear—whether driven by market conditions or personal decisions—but it shows the evolving landscape of Bitcoin usage.

A Dual Nature: Time Capsule and Financial Instrument

Each of these transfers tells a story, whether it’s one of trust in Bitcoin’s technology, strategic timing, or new opportunities arising due to Bitcoin’s price surge. As these dormant coins reenter circulation, they serve as a reminder of Bitcoin’s dual role in the financial world: a time capsule preserving past decisions and a dynamic financial instrument actively used in today’s economy.