An unknown entity burned $8.5 million worth of Bitcoin after 12 years of holding, rendering the BTC unspendable, despite its price increasing by 12,700%. An unknown entity burned 107 Bitcoin, worth about $8.5 million at the time, effectively removing them from spendable circulation and sparking numerous theories after holding the funds for over 12 years. On Monday, five Bitcoin (BTC) addresses sent a total of 107 BTC to the old burn address starting "11111," rendering them provably unspendable, according to onchain data shared by Galaxy Research in a Wednesday X post. The transfer brought the total amount of Bitcoin sent to the burn address to 807 BTC, worth about $59 million at press time, according to blockchain data platform Arkham. Read more