There have been as many as 1,200 old bitcoins transferred from inactive addresses in the days after the demise of FTX, with activity heating up even more in the most recent few days.
Two of the numerous old wallets that have transferred funds in the days after FTX went down on November 29 spent a combined 348 BTC, which is a stockpile that was formerly worth just $348,000 at one point in time.
It is difficult to determine precisely what the owners did with the money, and it is still uncertain if the coins were sold or simply transferred to another wallet, for example for cold storage.
The 348 Bitcoins that were traded on this day are now valued at around $5.8 million, which is a significant gain in value in comparison to the price at which they were first obtained.
Bitcoin.com was the first news source to break the story, and they did so by using blockchain data and compilations from btcparser.com.
A transaction involving 173.61 Bitcoins was carried out from an address that had been inactive since June 14, 2017, while a transaction involving 100 Bitcoins was carried out from an address that was active on April 12, 2014. Both of these remarkable transactions took place on the same day.
The 100 BTC that were involved in the second transaction had remained inactive for nine years, which is an exceptionally lengthy amount of time in the world of Bitcoin. When the wallet address was first established, the value of a single Bitcoin on the market was less than $500.
In addition, a wallet address that was created on April 26, 2013 carried out a huge transaction involving 600 BTC on December 2, 2017. The value of the 600 Bitcoins was around $84,000 when the address was first established.
These very same coins have a value of around $10.14 million as of today.
When these inactive addresses were first formed, the total value of the coins that have been spent from those addresses since November 29 has been less than $800,000, making it clear that the addresses were never actively used.
The same 1,221,45 bitcoins are now worth almost $20 million.
Compiled by Coinbold