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Close to $50 Million in Bitcoin From 2011 Moved for the First Time in 10.5 Years

Two addresses containing 500 bitcoin transferred 1,000 coins each on December 29. A third wallet, also from 2011, woke up Wednesday and moved 40 bitcoin for its first time in more than a decade.

1,040 BTC Moved for the First time in 10.5 Years from 2011

Wednesday saw the transfer of Bitcoin by an address that was created in July 2010, at 11:22 (UTC), with 500 bitcoins (BTC). This was the first transfer in 10.5 years. A second wallet was created the same day with 500 BTC and more than $23 Million at the time.

A wallet containing 40 BTC and $1.8 million in coins was transferred coins on August 12, 2011. This was the first transfer of coins in more than a decade. BTC traded at $47,500 per unit at the time of the transfer. The total 1,040 BTC spent on Wednesday, September 12, 2011, was worth more than $49 million.

Three transactions stemming out of wallets created in 2011, moved 1,040 Bitcoin (BTC), on December 29, 2021.

It is possible to assume that the 1,000 BTC came from the same person as the bitcoin wallets, which were created on July 10, 2011. The owner of the 40 BTC might have been the one who created the bitcoin wallets on July 10, 2011.

Apart from four transactions in 2011, December has not seen as many 2011 bitcoin purchases. On December 1, and December 14, two coinbase rewards were used. On December 1, and 12, 14, two coinbase rewards were spent. Ten bitcoin (BTC), from a wallet that was created in 2011, was transferred to the recipient on December 11. 20 BTC, from another wallet that was created in 2011, were also transferred to the recipient on the same day.

Research suggests that exchanges may desire old bitcoin

The bitcoin wallet that sent 500 BTC received funds with a moderate level of privacy, or 65 according to blockchair.com privacy tool. As “several indicators” we were able “to link the similar types addresses involved in the transaction”, four issues were discovered during the send.

Bitquery.io data suggests that one of these transfers could have been tied to a known Coinbase account. Blockchair.com’s privacy tool rates the 500 BTC transaction with the same rating. Bitquery.io data shows that money flows to a known Coinbase account.

The privacy of the 40 BTC transferred was lower, with a ranking 45 according to blockchair.com metrics. The outgoing send was tied to the matched addresses, just like the 2011 BTC transfers.

Close to $50 Million in Bitcoin From 2011 Moved for the First Time in 10.5 Years

Statistics from Bitquery.io show the number of bitcoins (BTC) that were moved by a wallet on December 29, 2021.

According to Bitquery.io statistics, another Coinbase address has been linked to the wallet’s money flow. Similar patterns were seen in the 1,040 BTC that was sent Wednesday, as well as many old coins that were transferred in 2021. Bitcoin.com News was informed by researchers from Telegram channel “gfoundinsh*t”, and creator of Btcparser.com that exchanges may want the old coins.

The researchers stated that they have a theory about why major exchanges might want to keep old bitcoins. “The presence these old bitcoins could help to purify the whole pool of bitcoins which might already have dark tones.” It is possible to mix the old bitcoins with the shiny white ones from 2010-2011. This will allow all of them pass various AML and risk analysis robots.

Close to $50 Million in Bitcoin From 2011 Moved for the First Time in 10.5 Years

Statistic from amlbot.com illustrating the risk assessment of the two bitcoin addresses that sent the 1,000 BTC.

According to statistics from amlbot.com, addresses that sent 500 BTC received low-risk assessments. The address that sent the 40 BTC had funds coming from an address that contained once 31,723 BTC. It then emptied its last coin on May 11, 2012. It sent 101 BTC.

It appears that the 1,000 BTC sent transaction hash data shows that the funds were derived from a miner. Ten addresses sent 50 BTC directly to the wallet, while 0.05437193 BTC was paid as fees. These coins may have been sold on the open-market or over-the-counter (OTC) but it is not clear if they were. The owner of the old-school coins could have moved them so that they were distributed to addresses with smaller amounts.