One thousand coins were transferred to two accounts containing 500 bitcoin on Wednesday, December 29. A third wallet, also from 2011, woke up Wednesday and moved 40 bitcoins for the first-time in more than a decade.
1.040 Bitcoin in 2011: First Move in 10.5 Years
An address with 500 bitcoins (BTC) that was created in July 2010 at 11:22 PM (UTC), received the BTC on Wednesday. This is the first transfer of Bitcoin in over 10.5 years. An additional wallet that was established the day before in 2011 distributed 500 BTC, which is more than $23,000,000 at the time.
Additionally, the wallet that contained 40 BTC valued at $1.8 million was transferred coins. This is the first such transfer in more than 10 years. BTC trades at $47500 per unit. The total of 1,040 BTC that Wednesday’s transaction was for was over $49 Million.
As the bitcoin wallets, which were both created on July 10, 2011, one can presume that 1,000 BTC was the product of the same person. It’s possible the 40 BTC could have been the owner as the 40 BTC wallet was created about a month later.
There haven’t been that many 2011 bitcoin spends in December besides four previous 2011 transactions this month. The 1st and 14th of December saw the spending of two coinsbase rewards. On December 1, and 12, 14, two coinbase rewards were spent. Ten bitcoins (BTC), from an account created in 2011, were transferred to a new wallet. 20 BTC, from another wallet that was created in 2011, were also moved the same day.
Research suggests that exchanges may desire old bitcoin
The bitcoin wallet that sent 500 BTC sent the funds with a “moderate” level of privacy or a score of 65 according to blockchair.com’s privacy tool. Four issues were found during the send as “several indicators we were able to link the similar types of addresses involved in this transaction” including “matched addresses identified.”
Bitquery.io data suggests that one of these transfers could have been tied to a Coinbase address. Similarly, blockchair.com’s privacy tool gives the other 500 BTC transaction the same rating, and Bitquery.io data from that address shows money flow tied to a known Coinbase address.
When the 40 BTC was transferred the privacy was lower and had a ranking of 45 according to blockchair.com’s metrics. Like the 2011 BTC transfer, the sender was tied to the matched address.
Bitquery.io statistics indicate that another known Coinbase address is tied to the wallet’s money flow. Like many other old coins, the pattern of Wednesday’s 1,040 BTC transfer was similar to that seen with 2021. Researchers from the Telegram channel “gfoundinsh*t” and the creator of Btcparser.com told Bitcoin.com News that the old coins may be desired by exchanges.
“We at (GFiS) have a theory on why some major exchanges may desire having old bitcoins,” the researchers said. “The presence of these old bitcoins may help to purify a whole pool of bitcoins that might already hold dark tones. And now if they mix it up with the white and shiny ones from 2010-2011, it will help all of them to pass through various AML and risk analysis bots.”
Amlbot.com statistics show that 500 BTC addresses had been given low risk ratings. Address that sent 40 BTC had funds from it. It was once home to 31,723 BTC. The address also sent 101 BTC on May 11, 2012.
According to transaction hash data showing the 1,002 BTC sent, it appears as though funds came from a miner as the addresses that sent 50 BTC each to the wallet sent 0.05437193 BTC in fees. It’s not certain if these coins were sold on the open market or even over-the-counter (OTC), as the owner of these old school coins could have moved them to disperse them into addresses with smaller amounts of funds.
Let us know your thoughts on the 1 040 bitcoins that were moved Wednesday, November 11, 2011, for the first time since 2011. Comment below and let us know how you feel about the subject.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerInformational: It does not constitute an offer, solicitation, or recommendation of products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.