Blockchain Parser Discovers Strange Spending of $ 58.7M Worth of Sleeping Bitcoins From 2017

In the past week, several strange movements of dormant bitcoins have captured the attention of onchain analysts, with nine transactions on Jan. 31, 2024, mobilizing 726 bitcoins that had been stagnant since Mar. 30, 2016. Merely two days after, a staggering 1,210 bitcoins, originating from addresses created on the same date in 2016, were dispatched through 15 individual transactions. On Feb. 4, 2024, a further mysterious tranche of 20 transactions unleashed 715.28 sleeping bitcoins, valued at $ 31 million according to the current exchange rates. Not too long after that, the same entity moved another 639.85 bitcoin worth $ 27.7 million in a set of 30 transactions.

Odd Spending Spotlights Strange Whale Movements

An intriguing pattern of bitcoin expenditures from years past has come to light. Bitcoin.com News highlighted a peculiar sequence of movements originating from Mar. 30, 2016, where an unidentified party shuffled approximately 1,936 BTC through 24 transactions on Jan. 31 and Feb. 2, 2024.

No single transfer exceeded the 80 BTC threshold, with the bitcoins moving from traditional Pay to Public Key Hash (P2PKH) addresses to simply a new collection of P2PKH wallets. Then, on Sunday afternoon, a similar event unfolded with another 20 transactions, this time involving bitcoins initially acquired in 2017.

While the transaction pattern bore resemblance, distinct details in the pattern diverged. Yet, the 20 transactions evidently originated from a single proprietor, and it’s quite probable that this individual was the same one who mobilized BTC from the Mar. 30, 2016, addresses