Two long-dormant Bitcoin wallets linked to the infamous Silk Road marketplace reactivated on Monday, transferring a total of 3,421 BTC—worth around $322.5 million—after more than a decade of inactivity. These transfers are among the largest movements from early Bitcoin-era wallets in recent memory and have sparked fresh discussion across the crypto community.
Bitcoin Silk Road Wallet Arises After 11 Years
Dormant Wallets Spring Back to Life
The first wallet, inactive since 2013, initiated a transfer of 2,343.481 BTC at block height 895,421, equivalent to approximately $220.8 million. The funds were moved from an old-style Pay-to-Public-Key-Hash (P2PKH) address to 31 separate outputs. Notably, 30 of these outputs were redirected to a newly created Pay-to-Witness-Public-Key-Hash (P2WPKH) address, a more secure and modern Bitcoin wallet format.
The second transaction occurred at block height 895,433, moving 1,078.99 BTC—worth over $101 million—from another wallet that had also remained untouched since July 11, 2013. Like the first, this transfer also shifted BTC from a P2PKH address to a P2WPKH wallet in 27 outputs. The coins have remained unmoved since the transaction.
Silk Road Connection Raises Eyebrows
Blockchain analytics platforms including btcparser.com and Whale Alert flagged the transactions, citing the unusual age and size of the wallets. Sani from timechainindex.com suggested that the funds may be tied to Silk Road—a darknet marketplace active in Bitcoin’s early years. According to Sani, the coins were likely withdrawn from Silk Road in 2012.
Community Reaction and Ongoing Speculation
The crypto community is now watching closely to see if these freshly moved coins will be sold, further transferred, or simply remain in the new addresses. Due to the Silk Road connection and the historical significance of the funds, their movement has raised questions about long-term holders and the potential market impact if the BTC is sold.
Conclusion
While the BTC remains untouched for now, the awakening of these wallets serves as a stark reminder of Bitcoin’s shadowy origins and the transparency of blockchain technology. As markets react and observers speculate, the transfers have become a focal point for discussions on Bitcoin’s past—and its unpredictable future.
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