A major resurgence of “sleeping bitcoin” transactions in 2023 totaled a stunning 37,330 BTC, or $958 million at the time at the current BTC exchange rate. Analysis throughout the year showed that these dormant bitcoin wallets from 2010 and 2011 are getting harder to find. They do, however, occasionally resurface after more than ten years of dormancy.
Echoes From the Past: 2023 Sees $958M in ‘Sleeping Bitcoins’ Rouse From Multi-Year Slumbers
The movements of idle bitcoins have been carefully monitored in recent years by Bitcoin.com News. Notably, a large number of transactions from wallets created in 2010 surfaced in 2020 and 2021. Throughout these years, a particular whale was repeatedly seen completing batches of 20 block rewards, each holding 1,000 BTC.
In the present, such major fluctuations are now uncommon. However, after more than a decade of inactivity, a 2010 wallet that had been dormant was reactivated just last month and transferred 1,005 BTC. The term “sleeping bitcoins” describes bitcoin (BTC) funds that have lain dormant in users’ wallets for a considerable amount of time.
According to data from btcparser.com, between 2010 and 2017, a startling 37,330.50 BTC that had been in dormant accounts returned in 2023. This golden trove is valued at a staggering $958 million at the current exchange rate. A breakdown of the year reveals some noteworthy patterns: Nine transactions came from wallets from the 2010s between January and September 11, 2023.
Following that, there were 16 transactions in 2011, 40 in 2012, 95 in 2013, 81 in 2014, 77 in 2015, 232 in 2016, and 135 to finish it off in 2017. The final tally for this year indicates that a total of 685 transactions brought the dormant bitcoins back to life. The activity of dormant digital assets in 2023 is representative of the persistent mystique surrounding them.
Even though many of these long-inactive wallets date back to the network’s early days, news of their sporadic activation generates considerable interest. The decreasing amount of unclaimed bitcoins from the early 2010 and 2011 timeframes emphasizes the shifting landscape of cryptocurrency ownership and the erratic nature of digital riches as each year progresses.