Bitcoin

Mega Awakening – Whale Transfers 429 ‘Sleeping Bitcoin’ From 2010 Worth Over $16.8 Million Cryptocurrency

Mega Awakening — Whale Transfers 429 'Sleeping Bitcoin' From 2010 Worth Over $16.8 Million

After hitting a 24-hour high at $42,592 per unit, bitcoin’s price shed the gains it had racked up on Wednesday, slipping more than 5% in Thursday morning trading sessions. Meanwhile, as crypto prices fluctuated, a bizarre bitcoin transaction from 2010 moved at 1:45 a.m. (UTC) moving 429 bitcoins worth $16.8 million.

Large sum of ‘Sleeping Bitcoin’ transferred after more than 11 years of sleep

Crypto prices have been fragile over the past few days amid the Russian-Ukrainian conflict and heightened pessimism towards the future of the global economy. After falling into the $38,300 range two days ago, bitcoin’s price rebounded on Wednesday, hitting a high of $42,592 per unit.

However, the bullish sentiment did not last too long and BTCThe value of moved back into the $38,000 territory on Thursday. While the market was volatile, an old-school whale in 2010 decided to transfer a large sum of bitcoins.

The transfer, derived from the bitcoin address”17QBW”, was around 489.091 BTC. The big deal was caught by blockchain analyzer Btcparser.com when processed at block height 726,641 at 1:45 a.m. (UTC) on March 10.

The 429 BTC worth $16.8 million originally from a transaction processed 11 years and four months ago on October 28, 2010. transaction derived from a sender which contained 1,000 bitcoins that were moved from one address to another on October 20, 2010.

The original address as the 1,000 BTC came from process a number (5,111 bitcoins) of BTC between September 6, 2010 and July 12, 2011. The 429 BTC spent on March 10, 2022, was originally obtained at the same time the remaining 510.91 BTC was sent to bitcoin address”1NS7i.” While the owner waited over a decade to transfer the 429 BTC510.91 BTC has been spent two days later on Halloween (October 31, 2010) that year.

Mega Awakening - Whale transfers 429
A visual perspective of bitcoin address “17QBW” via bitquery.io’s block explorer on March 10, 2022.

There was no major 2010 bitcoin awakening like the 429 BTC transaction for a long time. Bitcoin.com News investigated a bitcoin mega whale that spent tens of thousands of so-called “sleepy bitcoins” and the last time we saw the mega whale was November 10, 2021. That day , BTC reached a high lifetime price at $69,000 per unit and this specific mega whale moved 1,000 decade-old bitcoins.

While the 429 BTC isn’t as large as the aforementioned mega-whale transfer, it’s much larger than the typical old-school block grant transfers that happen to be one or maybe two blocks. A visual perspective of the outgoing transactions from the address “17QBW” shows the possibility that some of the coins processed at 726,641 were sent to the Coinbase trading platform.

A number of other transactions show fractions of the coins being moved to unknown addresses, none of which were Segwit (Bech32) based, as the two largest outputs were sent to legacy addresses.

Keywords in this story

$16.8 million, 17QBW, whale 2010, 2207 bitcoin, 429 bitcoin, 429 BTC, bitcoin whale, block height 726641, block reward, Blockchain Explorers, Blockchair, BTC, BTC Whale, Btcparser.com, Coinbase, bitcoins decade old, legacy addresses, massive whale, redistribution transfer, sleeping bitcoins

What do you think of the 429 so-called “dormant bitcoins” spent on March 10? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Manager at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News about disruptive protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons

Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.