$257 million in Bitcoin moves after 11 years of dormancy

On Tuesday, a dormant Bitcoin (CRYPTO:BTC) wallet from 2013 was activated, resulting in the transfer of 2,700 BTC valued at approximately $257 million.

This wallet had been inactive for nearly 11 years, with the bitcoins originally acquired on December 20, 2013, when the price was around $694 each.

At that time, the total worth of the bitcoins was about $1.8 million.

The recent transaction involved moving the funds from a legacy Pay-to-Public-Key-Hash (P2PKH) wallet to two new Bech32 addresses.

Of the total amount, 1,000 BTC were sent to one address, while 1,699.99 BTC went to another.

The transaction fee for this substantial transfer was notably low, at just 2,628 satoshis or approximately $2.46.

This activity was first reported by btcparser.com and reflects a broader trend of dormant bitcoin wallets becoming active as the cryptocurrency approaches the $100,000 mark.

In recent weeks, other dormant holdings have also resurfaced, indicating a potential shift in market sentiment or strategic repositioning among holders.

For instance, just a day prior to this transfer, 50 BTC from a mining reward dated October 9, 2010, were moved for the first time since being mined.

The resurgence of these dormant bitcoins suggests renewed confidence among early adopters as they engage with the market once again.

At the time of reporting, the Bitcoin (BTC) price was $96,008.37.