From 13 million to 1 billion! Nearly 70,000 Bitcoins ranked fourth on the rich list moved for the first time since 2005

Today (11/4) around 5:37 AM, a record-breaking transfer of nearly 1 billion US dollars worth of Bitcoin was detected by the large-scale Bitcoin monitoring platform Whale Alert. Moreover, the sending address of this Bitcoin transaction ranks fourth on the rich list, with the last activity dating back to 2015. The transfer, occurring after a five-year hiatus, has garnered significant attention across social media platforms.

First Movement Since April 2015

According to data from the blockchain explorer BitInfoCharts, the Bitcoin address 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx was previously the fourth-largest wallet globally, holding approximately 69,369 bitcoins since 2015 without any movement. At that time, the value of one bitcoin was only $200, but when the transfer occurred in the early hours of November 4th, the total value of these bitcoins amounted to around $955 million.

On October 26th, an anonymous cryptocurrency holder also transferred about 88,857 bitcoins, valued at over $115 million at the time, with a transaction fee of only $3.58. This was the highest-value bitcoin activity in terms of transaction value prior to the recent billion-dollar transfer.

Over the past year, there have been signs of revival in similar ancestral bitcoin addresses, including the movement of 50 bitcoins from February 2009, early miners proving ownership of 7,250 bitcoins from 2009, and the recent transfer of 1,000 bitcoins from 2010, with a donation of 9.99 bitcoins to the Free Software Foundation (FSF).

These occurrences could be seen as bullish for the value of bitcoin, indicating that early holders continue to believe in the development path and protocol direction of Bitcoin. The value of bitcoin in the eyes of these early miners may be far greater than it is currently perceived.

Conspiracy Theories Spread Online

This significant transfer has sparked discussions within the crypto community. Adson Gal, CEO of cybercrime intelligence company Hudson Rock, recently pointed out that this address has been a target for hackers over the past two years.

In a tweet on September 8th, Gal mentioned that hackers on the forum RaidForum were sharing information about this wallet address and attempting to crack its private key, but as of the latest update on September 8th, no one had succeeded.

Despite the existence of conspiracy theories, it remains unconfirmed whether the transfer was successful due to hacking or if the early holder initiated the transfer. It is unknown whether the market reacted strongly to this news or if the price surge was influenced by the volatility surrounding the U.S. presidential election. Bitcoin continued to rise after 5 a.m. this morning, climbing from around $13,700 to $13,900 at the time of writing.