Galaxy Research said a long-dormant Bitcoin wallet beginning with 1Emi moved 8.54 BTC on Aug. 16, in a transfer valued at about $538,000 at the time. The wallet had reportedly remained untouched since receiving the coins in June 2011, when the acquisition cost was around $14. Based on the figures cited in the source, the transfer represents roughly $538,000 in profit and a gain of more than 460,000x over the original cost basis. Decrypt noted that movements from dormant early-era wallets often draw attention because traders watch for clues about what long-term holders may be doing. Even so, the report said the size of this transaction was too small to have a meaningful effect on overall Bitcoin market liquidity. The move was cited by Techub in a market analysis brief.
Galaxy Research tracked a Bitcoin wallet that had been dormant for more than 15 years and moved 8.54 BTC on Aug. 16, according to Techub News. The transfer was worth about $538,000 at the time.
The address, which begins with 1Emi, had not moved the coins since receiving them in June 2011. Its cost basis was around $14.
Using the figures in the report, the transfer locked in about $538,000 in profit, with the value rising by more than 460,000x from the original purchase cost.
Decrypt said movements from dormant wallets like this often trigger speculation about the actions of early holders, though the size of this transfer was limited and had little impact on broader market liquidity.
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