A dormant bitcoin (BTC) wallet containing over 1,037 bitcoins — worth $31 million at current prices — suddenly woke up after 11 years of sleep and transferred its entire stash.

The 1037 BTC was transferred at a bitcoin price of $29,956 and went into effect at around 10:51 UTC on July 22 at block height 799701, according to BitInfoCharts.

The long-dormant address received the 1,037 BTC on April 11, 2012, when the BTC price was just $4.92, on-chain analytics platform Lookonchain explained on July 22. That means the stash was only worth about $5,108 at the time.

A BTC whale that has been dormant for 11 years transferred all $1,037.42 BTC ($37.8 million) to a new address “bc1qtl” an hour ago.

The whale received $1,037.42 BTC ($5,107 at the time) on April 11, 2012 when the price was $4.92.https://t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8

— Lookonchain (@lookonchain) July 22, 2023

Data from blockchain aggregator Blockchair shows that wallet address “bc1qt180…” — which appears to be a new wallet — was the recipient of the $31 million.

According to cryptocurrency pricing platform CoinGecko, the original Bitcoin wallet balance hit its peak price of $71.6 million on Nov. 10, when BTC reached its all-time high of $69,044.

The US government has been one of the biggest BTC players lately, transferring nearly 10,000 BTC worth $299 million in a series of transactions on July 12 in connection with the Silk Road confiscation.

It is not clear if the transactions were sent to cryptocurrency exchanges or if they remain in the custody of the Justice Department.

More mysterious wallet movements

On June 11, another mysterious Bitcoin whale transferred 1,400 BTC — worth $36 million at the time — to a Pay-to-Taproot (P2TR) address. CryptoQuant CEO Ki Young Ju believes the motive behind this transaction may have been privacy enhancement.

In early April, another Bitcoin address transferred 2,071 BTC — worth $60 million — almost a decade after catching BTC at $663, according to Lookonchain.

Three months earlier, a massive transfer of 26,056 BTC, worth $250 million, was made from another bitcoin address. At BTC’s all-time high, the wallet was worth more than $1 billion.

Related: Bitcoin’s cloudy price action spurs buying interest in LINK, FIL, SNX, and THETA

According to a chart by on-chain analytics firm Glassnode and shared by cryptocurrency researcher Will Clemente, despite some high-quality transfers, over 55% of BTC hasn’t moved in over two years:

Dormant bitcoin is the best #bitcoin
By @WClementeIII
https://t.co/RwcCWOdIod

— Miklos Denkler (@MiklosDenkler) July 23, 2023

The price of BTC is currently at 30,082. Although Bitcoin’s price has increased by 81.8% in 2023, it is still 56.4% below its all-time high set in November 2021, according to CoinGecko.

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1 million

The post Sleeping Bitcoin pockets stirs after 11 years, shifting over $30M appeared first on DAILY SAN FRANCISCO BAY NEWS.

This is an archived article and the information in the article may be out of date. Please see the timestamp on the story to see when it was last updated.

(NEXSTAR) – There’s a password San Francisco programmer Stefan Thomas probably should have remembered, and it’s between him and $ 240 million.

Thomas is holding a small hard drive called IronKey that contains the keys to a digital wallet containing 7,002 Bitcoin, the New York Times reported Tuesday. That equates to exactly $ 242,546,164.27.

But Thomas can’t figure out the password – and he only has two more chances to get it right. The IronKey allows users only ten guesses.

Thomas said he lost the paper with the password on it years ago. He has already tried eight of his most frequently used passwords.

“I just lay in bed and thought about it,” Thomas told the Times. “Then I would go to the computer with a new strategy and it wouldn’t work and I would be desperate again.”

On Twitter, Thomas called the saga “a painful memory” and said he hoped “others can learn from my mistakes”.

“Test your backups regularly to make sure they are still working. An ounce of foresight could have prevented a decade of regret, ”he said.

A painful memory. I hope others can learn from my mistakes. Test your backups regularly to make sure they are still working. An ounce of foresight could have prevented a decade of regret.

That said, I’ll do what I always do, which is focus on building things, like @Interledger. https://t.co/pCgObeAf4Z

– Stefan Thomas (@justmoon) January 12, 2021

About 20 percent of existing Bitcoin appear to be in “lost or otherwise stranded wallets,” the Times reported. That’s around $ 140 billion.

A single bitcoin is worth more than $ 34,600 at the time of writing, although the value fell earlier this week.

On Monday, Bitcoin fell more than 10 percent from the previous day. The cryptocurrency has risen over 300 percent in the past 12 months.

Conclude

Suggest a correction

Suggest a correction

The post Forgotten password stands between San Francisco man and $240M Bitcoin fortune appeared first on DAILY SAN FRANCISCO BAY NEWS.

On-chain cryptanalysis firm CryptoQuant announced on social media that it moved a total of $ 131 billion worth of bitcoin in a single day earlier this month, with just 1% of that amount being deposits and withdrawals on cryptocurrency exchanges.

The company’s Bitcoin Exchange Fund Flow Ratio, which measures the ratio of BTC transactions that include “all exchanges, to BTC transfers across the network,” hit a two-year low. The decreasing metric, the company adds, indicates an increase in over-the-counter (OTC) trades.

The large amount of BTC being moved and the fund flow rate plummeting to a two-year low suggests that “some are buying a lot of BTC,” according to the company’s CEO Ki Young Ju. According to him, bears could get into trouble if a large company announced it would buy bitcoin.

The CEO added that a similar situation occurred in September 2020, before the price of Bitcoin rose from around $ 11,000 to a new all-time high near $ 64,000 earlier this year. Ki Young Ju shared a tweet he posted at the time that showed a large amount of BTC being carried over on the chain while the fund flow ratio plummeted.

Back in February, Ki Young Ju accurately predicted that Bitcoin price would hit $ 50,000, citing the influx of stablecoin deposits from whales as a bullish signal. In January, the CEO said he had “no doubt” that Bitcoin’s price will hit $ 100,000 this year, although in the short term the bears may take the lead.

Ki Young Ju was tracking data on the San Francisco-based cryptocurrency exchange Coinbase as its outflows had apparently shown the presence of institutional investors buying BTC. Earlier in the month, outflows of $ 1.7 billion from the exchange suggested institutes buying bitcoins over $ 30,000.

DISCLAIMER
The views and opinions of the author or any other person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.

IMAGE CREDIT
Featured image via Pexels

The post $131 Billion Bitcoin Transferring Suggests Massive Entities Are Shopping for $BTC Over the Counter appeared first on DAILY SAN FRANCISCO BAY NEWS.

SAN FRANCISCO, April 29, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) –– 20Mission (http://www.20mission.com/), a groundbreaking startup community and co-living space for creatives, technology and Entrepreneurship in San Francisco, will launch a one-of-a-kind auction of spaces on May 5th at this historic building coined as NFTs. Ownership of each NFT offers the option to sign a 75-year lease for as little as $ 1 per month. In addition to the real estate asset, auction winners receive an additional NFT, which gives them an exclusive right to use their space as a virtual asset. NFTs representing each room will be minted in a peer-to-peer NFT marketplace starting May 5th.

Developed by Jered Kenna, the early bitcoin exchange pioneer and founder of the US’s first bitcoin exchange, 20Mission is a crypto landmark and location of the very first bitcoin house to be the first to accept bitcoin for rent. It hosted the first Bitcoin Meetups in San Francisco, the first Bitcoin art exhibition, was the location of the first documentary on Bitcoin in 2014: The Rise and Rise of Bitcoin, and served as the founding site for TradeHill and Ripple when Jered Future introduced CEO Chris Larsen to Ripple on the roof. 20Mission now offers luxurious co-living spaces in the heart of San Francisco fully equipped for turnkey living with an integrated, neighboring startup community to encourage entrepreneurship.

“NFTs have had a huge impact on virtual real estate by selling digital homes, but there is a largely untapped market for real estate tied to NFTs,” said Jered Kenna, Founder and CEO of 20Mission. “20Mission is introducing an entirely new model that will shake up the real estate market, allowing auction winners to rent co-living space on a 75-year San Francisco property lease at a fraction of the cost with no extra charges and never taxes. ”

The auction starting price for the NFTs in each room depends on the size, location and equipment of each Coliving Space. Bidders can also purchase NFTs for virtual access to all future virtual properties from 20mission.

For more information on 20Mission and the NFT auction, please visit: http://www.20Mission.com/.

OVER 20Mission:
20Mission is a 41 room San Francisco coliving community focused on the arts, technology and entrepreneurship in the heart of the Mission District. The room consists of commercial space and individual rooms that are fully equipped for turnkey living. Developed by Jered Kenna, creator of TradeHill, the first Bitcoin exchange, 20Mission is a crypto landmark and location of the very first house to accept Bitcoin for rent payment. 20Mission now allows tenants to buy NFTs at auction to rent coliving space on a 75-year lease for $ 1 per month. More information is available at http://www.20mission.com/.

Media contact: 20mission@transformgroup.com
Company contact: press@20mission.com

The post Historic First San Francisco Bitcoin Home, 20Mission, to appeared first on DAILY SAN FRANCISCO BAY NEWS.