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Onchain Analysis

600 dormant Bitcoin from 2017 moved

Late in the evening of December 14, 2022, an address that had been dormant since 2017 awoke and executed outgoing transactions.

The address 1E278SJDBAuCEJX9LNfwK5AwkViG5edStx is a Legacy Address (P2PKH – Pay To Pubkey Hash) and has performed splits to SegWit addresses.

Address bought in April 2017 when Bitcoin was trading at $1,333 for a total expenditure of $801,203 for a net gain today of nearly $10 million ($9,900,692).

Onchain analysis indicates that Bitcoins were purchased on Bitfinex, while outbound transactions are likely a rotation to Segwit addresses. There are no apparent Inflows to Exchange at this time, but we will follow up in the coming hours and communicate any noteworthy updates if necessary.

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