On Wednesday afternoon, the long Syrah Bitcoin Stash was finally upset at Block Height 907849. The holder, who scooped up 500 BTC between June 10th and July 31st, 2017, moved the coin for the first time in nearly eight years.
From $1.3 million to $58 million: Dormant Bitcoin wakes up with synced transfers
The date is a typical Wednesday afternoon on July 30th, but the movement was not normal. The 50 wallets created between June 10th and July 31st, 2017, all pushed up the huge distances in Bitcoin (BTC) in one go, according to metrics analyzed by BTCParser.com.
Source: btcparser.com
Anonymous whales dispatch exactly 10 btcs from each address, totaling 500.01148 btcs. When these coins were initially acquired, Bitcoin floated between $2,500 and $2,650 each. This will result in a value of $1.32 million in 2017.
Source: btcparser.com
The low-end BTC price wins $116,404 per coin, and the same batch can drop $58.2 million in jaws. Of the total, 400 btc flowed from 40 legacy payto public key hash (P2PKH) wallets to new Pay-To-Witness-Public-Key-Key-Hash (P2WPKH) addresses.
The remaining 100 BTC was directed at a new, unidentified P2WPKH wallet for two seconds. Block chair privacy meter slapped most of these transfers with a score of 3 out of 100. Why? Matching inputs and outputs, address reuse, and full wallet sweep.
Source: mempool.space
This 500 BTC Awakening will join a string of historic movements throughout July. Our Newsdesk has been tracking billions of dollars in dust-shaking sleep coins over the past year, with July currently ranked as the busiest month of dormant Bitcoin activity.
