Dormant Bitcoin Wallet Moves $34M
A Bitcoin wallet that had been inactive since 2013 transferred 411.45 BTC to a new address. At the time of CoinDesk’s report, the holdings were worth approximately $34 million. The owner originally acquired the coins when Bitcoin traded near $131, with the entire balance then valued at around $54,000. The transaction drew attention because large transfers by long-term holders can raise questions about potential selling pressure. However, the coins had not been sent to a cryptocurrency exchange, and the new address uses the SegWit format, which can improve security and reduce transaction fees. This suggests the move may be a custody upgrade rather than an imminent sale, although the owner’s intentions remain unconfirmed. Track BTC rates on xbit.money and compare exchange conditions before making a transaction.