Wake-up call? Bitcoin wallets move 3,500 BTC idle since 2011
A Bitcoin whale moved 3,500 BTC to new wallets for the first time since 2011, changing the address format from P2PKH to P2SH.
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Amid the current market turmoil in Bitcoin (BTC) and other cryptocurrencies, some big investors are waking up to shift their holdings into BTC which hasn't been touched for about a decade.
According to on-chain data, seven dormant Bitcoin wallets woke up on Nov. 11 to move a total of 3,500 BTC ($60.6 million) to new addresses. The transaction fee for one of those 500 BTC transactions ($8.7 million) was just 0.00011383 BTC, or $2.00.
Blockchain researcher and developer Kirill Kretov flagged the transactions in a LinkedIn post, noting that the new addresses were “not yet consolidated.”
Each of the seven addresses mentioned held 500 BTC for approximately 11 years, with all seven receiving the stash on July 10, 2011. All wallets received the amount at exactly the same time, 12:22 UTC, for each of them , this was the very first transaction.
Kretov pointed out that the new wallets changed the address format from pay-to-public-key-hash (P2PKH) to pay-to-script-hash (P2SH). P2PKH is the most common type of script for Bitcoin transactions, where transactions are resolved by sending the public key and a digital signature created by the corresponding private key.
Unlike P2PKH, the P2SH format allows transactions to be sent to a script hash instead of a public key hash, requiring recipients to provide a script hash and additional data. According to online sources, the recipient might need multiple people's signatures to spend Bitcoin on P2SH-formatted addresses, or a password might be required.
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A Bitcoin whale moved 3,500 BTC to new wallets for the first time since 2011, changing the address format from P2PKH to P2SH.
New
Amid the current market turmoil in Bitcoin (BTC) and other cryptocurrencies, some big investors are waking up to shift their holdings into BTC which hasn't been touched for about a decade.
According to on-chain data, seven dormant Bitcoin wallets woke up on Nov. 11 to move a total of 3,500 BTC ($60.6 million) to new addresses. The transaction fee for one of those 500 BTC transactions ($8.7 million) was just 0.00011383 BTC, or $2.00.
Blockchain researcher and developer Kirill Kretov flagged the transactions in a LinkedIn post, noting that the new addresses were “not yet consolidated.”
Each of the seven addresses mentioned held 500 BTC for approximately 11 years, with all seven receiving the stash on July 10, 2011. All wallets received the amount at exactly the same time, 12:22 UTC, for each of them , this was the very first transaction.
Kretov pointed out that the new wallets changed the address format from pay-to-public-key-hash (P2PKH) to pay-to-script-hash (P2SH). P2PKH is the most common type of script for Bitcoin transactions, where transactions are resolved by sending the public key and a digital signature created by the corresponding private key.
Unlike P2PKH, the P2SH format allows transactions to be sent to a script hash instead of a public key hash, requiring recipients to provide a script hash and additional data. According to online sources, the recipient might need multiple people's signatures to spend Bitcoin on P2SH-formatted addresses, or a password might be required.
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