Bitcoin Owners Start Transfering 859.92 BTC Worth Hundreds of Billions to Other Addresses

Hundreds of BTCs began to be moved to another address. (Photo; Doc. Unsplash)

JAKARTA - In the crypto world, Bitcoin owners usually keep this digital currency for years, even decades. This time around, however, a number of Bitcoin owners have decided to put these "sleeping" coins into motion, either by selling them or moving them to another address.

On September 5, 2023, entities or individuals owning Bitcoin decided to activate a total of 359.92 BTC that were previously dormant through eight different transactions. This is an interesting event detected by btcparser.com.

Four of these transactions received confirmation at the 806,295 block level, while the other three received confirmation at the 806,299 block level. All of these transactions are from coins that have been owned from 13 June 2017 to 23 June 2017.

Even so, all of these transfers were made without much change or additional action, so their privacy in the measure of Blockchair tools is low. At the current value of Bitcoins, this total of 359.92 BTC has a value of around 9.2 million US dollars (IDR 141 billion).

Not only that, the next day also witnessed a transfer from an address that has been inactive since October 12 2016, almost seven years. This transaction involved 500 BTC, which is equivalent to 12.79 million (Rp. 196 billion) at the current exchange rate. The address known as "14LZG" made this transfer for the first time since block height 806.465.

In this transaction, two recipients get 150 BTC and 350 BTC respectively. As is the case with previous transactions, the privacy of this transaction is also low on Blockchair's privacy measurement tool, scoring 0 out of 100, with addresses identified as one of the vulnerabilities.

The reason for the rise of Bitcoin whales after this long period is still a mystery. It should be noted that the terms "spent" or "spent" in this context simply mean that the coins have been transferred to a different address. This could indicate a sale on the open market or a switch to another storage method such as cold wallets and others.