Several long-dormant Bitcoin wallets have become active again this month, and Sept. 19 added another notable set of transfers. Before a separate move from a 2011 wallet, four early Pay-to-Public-Key-Hash, or P2PKH, wallets each transferred 25 BTC, for a combined 100 BTC. All four transactions were confirmed in block 967722. The wallets were created in February or March 2013, a period when Bitcoin saw sharp price swings and the Cyprus banking crisis peaked in March. BlockBeats said Bitcoin traded at about $32 on March 1, 2013, and rose to $91.95 by March 31.
Ten blocks later, at height 967732, an even older wallet created on Nov. 2, 2011 moved another 100 BTC in a single transaction, shifting the coins from a P2PKH address to a newer Pay-to-Witness-Public-Key-Hash, or P2WPKH, wallet. On-chain data cited in the report showed the original acquisition price for that batch was just $3.24 per BTC. The funds were then fully moved out using a send-all transaction. The report added that the four 25 BTC transfers, which were later consolidated into the same wallet, can reasonably be inferred to belong to the same entity. The final consolidation address was a BitGo-associated P2WPKH wallet.
Several long-dormant Bitcoin wallets have been moving funds since the start of September, and Sept. 19 was no exception, according to BlockBeats.
Before a transfer from a 2011 wallet, four early P2PKH (Pay-to-Public-Key-Hash) wallets each moved 25 BTC, for a total of 100 BTC. All four transfers were confirmed at block height 967722.
Four early 2013 wallets moved 100 BTC first
On-chain data showed the four wallets were created in February or March 2013. Bitcoin was highly volatile at the time, and the Cyprus banking crisis reached its peak in March 2013. On March 1, 2013, Bitcoin traded at about $32. By March 31, it had climbed to $91.95.
The report said on-chain data also showed that the acquisition cost for the 100 BTC held in those four P2PKH addresses was very low.
A 2011 wallet then moved another 100 BTC
Just 10 blocks later, at block height 967732, an even older wallet moved 100 BTC. That address was created on Nov. 2, 2011, and sent the full amount in a single transaction from a P2PKH address to a newer P2WPKH (Pay-to-Witness-Public-Key-Hash) wallet.
The original acquisition price for that batch was only $3.24 per BTC. The funds were then moved out in full, with the wallet using a send-all transaction.
Consolidated funds ended up in a BitGo-linked wallet
Based on the transaction pattern described in the report, it can reasonably be inferred that the four separate 25 BTC transfers, which were later sent into the same wallet, belonged to the same entity. The final consolidation transaction ended in a P2WPKH wallet associated with custodian BitGo.
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