A Bitcoin wallet containing 2,100 BTC, worth about $56.3 million as of September 19, 2023, has recently become active again after a long period of inactivity, according to a tweet by blockchain security company PeckShield.
This wallet waking up joins a list of other long-dormant Bitcoin wallets that have recently come back online, including one associated with Bitcoin’s creator Satoshi Nakamoto that was inactive for nearly 13 years before transacting again.
There are several potential reasons why old Bitcoin wallets suddenly become active again after years without transactions. The owner may be taking advantage of Bitcoin’s increased value since the coins were first deposited—this stash was originally worth around $11.8 million when first mined. The owner might also be preparing to make a major sale, investment, or purchase with the coins.
More concerning explanations are that the owner aims to “clean” the coins by passing them through mixers or privacy tools before selling them. The revival of this large Bitcoin wallet adds some mystery and anticipation to the volatile crypto markets as observers wonder about the owner’s intentions.