Dormant 2011 Bitcoin wallet moves $10M to Bitstamp

On October 24, a Bitcoin (CRYPTO:BTC) wallet from 2011 executed its first transaction in over 13 years, transferring 150 BTC worth $10 million at current prices. 

The transaction, occurring at block height 867,127, is the fifth such occurrence this month involving Bitcoin from 2011, suggesting a possible connection between these transactions. 

According to blockchain data, this vintage wallet, initially created on June 26, 2011, moved the 150 BTC from a Pay-to-Public-Key-Hash (P2PKH) address to a Pay-to-Script-Hash (P2SH) address. 

A portion of the transaction, involving 100 BTC, was sent to a centralised exchange wallet, with the remaining amount redirected to a newly created P2PKH address. 

Analysts suggest that all the October 2011 transfers, totaling 421 BTC and valued at $28.16 million, likely belong to the same owner, given the recurring patterns and destination addresses. 

In particular, two P2SH addresses, “31qJA” and “3Eddv,” have been consistently receiving these Bitcoin transfers. 

Both are associated with the exchange Bitstamp, indicating that the coins are being consolidated there. 

Blockchain analysis reveals that the user’s activity began on October 9, when they transferred 1 BTC to Bitstamp, likely as a test transaction to verify the receiving address before moving larger sums. 

This month’s transactions have shown a clear pattern of progressively larger transfers after small initial movements. 

The wallet in question was created when Bitcoin’s price was only $17.51 per coin. 

This latest transfer reflects a massive increase in value, with a 381,917% growth in BTC’s price over the years. 

Despite the considerable sum involved, the transaction’s low privacy score, rated zero out of 100 by Blockchair, indicates minimal attempts to obscure the movement. 

The inputs and outputs were easy to trace, raising questions about the owner’s intentions.

At the time of reporting, the Bitcoin price was $67,908.23.