Two wallets that had been dormant for over 12 years have offloaded $34 million worth of Bitcoin

Unknown parties have transferred 417 bitcoins—worth approximately $33.85 million—from two crypto wallets that had remained dormant for over 12 years, according to analysts from the platforms Lookonchain and Onchain Lens.

The first address moved 167.84 BTC (valued at $13.62 million), while the second moved 248.85 BTC (valued at $20.2 million). Onchain Lens specialists noted that these transactions were included in a single Bitcoin network block—number 971894—which was mined by the MARA mining pool.

Lookonchain reported that when the coins first arrived in the first wallet, the price of Bitcoin was $127. The second wallet received its funds somewhat later, when the cryptocurrency was trading at $355.

Since then, the price of Bitcoin has increased by a factor of 638 and 229, respectively. At the time these coins were originally deposited, their combined value across both addresses was approximately $105,400.

The funds from both wallets were transferred to a single address; however, it has not been definitively established that both wallets belong to the same owner. There is also no information regarding whether the transferred bitcoins have been sold. Onchain Lens clarified that the rise in the market value of the coins does not necessarily mean that the owner (or owners) has realized a profit.

In August, the research division of Galaxy Digital reported that, over the course of one month, approximately 818 BTC had been moved from 13 Bitcoin addresses that had remained inactive for 12 to 15 years.