Decade-Old Bitcoin Wallet Emptied, Millions in BTC Moved Amid Market Correction

A Bitcoin (CRYPTO: BTC) wallet that has been inactive for over a decade was emptied on Friday, marking a significant movement in the cryptocurrency market.

What Happened: The Bitcoin wallet, known by the initial “1c5Cb,” was first funded back in 2013 through a CoinJoin address, reveals the blockchain data. Back then, Bitcoin was primarily used for transactions on the darknet market Silk Road and was valued at around $75.

Since its initial funding, the value of Bitcoin has skyrocketed by 152,300%, bringing the total value of the wallet to a staggering $34.8 million. The recent price of Bitcoin has been fluctuating below $114,000.

Just two weeks ago, another dormant address moved a whopping $4.7 billion to crypto exchange Galaxy Digital. The firm later announced it had sold 80,000 Bitcoin worth $9 billion on behalf of a client.

A similar transaction involving 50 Bitcoin worth $5 million was activated in April.

Also Read: $1 Billion Bitcoin Transfer Triggers Massive Liquidations — This Is Where It Was Offloaded

According to on-chain data firm CryptoQuant, Bitcoin may be in a months-long correction phase as long-term holders cash in. The firm noted that the market is experiencing significant selling from large holders, known as “whales,” for the third time since 2024.

The Bitcoin moved on Friday was split between two wallets, holding 106 and 200 Bitcoin respectively. The transaction did not appear to be heading to an exchange.

CoinJoin addresses are used to enhance the privacy of Bitcoin transactions by combining multiple users’ Bitcoin into a single transaction. This makes it more difficult to track the flow of transactions.

Experts have identified early Bitcoin miners as potential targets for quantum computers, capable of cracking Bitcoin’s encryption for early wallet-address types.

This includes coins belonging to Bitcoin’s pseudonymous creator, Satoshi Nakamoto, who is believed to own 1.1 million Bitcoin, worth $125 billion at current prices.