
A dormant Bitcoin wallet, '17TZNT', has sprung to life after six years of inactivity, moving 2995 BTC, about $82.3 million to two new addresses today, Oct.10.
On May 7, 2016, the wallet received 3,200 BTC when the top cryptocurrency traded at an average of $459, according to an image shared by blockchain security firm Peckshield. The wallet has been dormant for more than a year, and it has been transferred to 204 BTC.
Since the wallet's initial purchase, BTC's value has risen to $27,703 as of press time, according to CryptoSlate's data.
In a parallel development, another dormant wallet recently made a significant move, transferring approximately 5,000 BTC valued at around $140 million on October 8 to three different wallets, according to PeckShield Alert. This transaction occurred before this wallet was inactivated for three years.
The data from BTCparser also shows that the industry has witnessed a flurry of old-school Bitcoiners moving their substantial holding this month.
Cryptocurrency analyst Jill Martin said that dormant Bitcoin addresses from 2012 have been particularly coming to fruition after over a decade of inactivity, mentioning examples of four addresses that transferred 653 BTC, valued at $18.25 million this month.
The reasons behind the resurgence of dormant accounts and their potential impact on Bitcoin's price remain unknown.
CryptoSlate reported early on that the activation of previously dormant BTC wallets sparked rumors that malicious players were targeting the OG's.
Glassnode's data shows that more than 13 million BTC, equivalent to about $390 billion, have remained untouched for at least one year. The total circulating supply of this cryptocurrency is 68.54%.