Dormant Bitcoin (BTC) Whale Moves $14 Million Worth of Coins After 11 Years
- PHPzOriginal
- 2024-08-08 09:39:16556browse
Out of the blue, a Bitcoin whale that had been inactive since 2010 sprung to life Wednesday, moving the long dormant coins to five new addresses via several transactions.
A Bitcoin whale that has been inactive since 2010 has finally sprung to life, moving 250 BTC to five new addresses via several transactions on Wednesday.
The Bitcoin was mined a year after the cryptocurrency’s inception, and the miner has held onto the stash for the entire time, accumulating 250 BTC from mining through five wallets in 2010. The coins, which were valued at around $13.95 million as of August 7, were transferred to five wallet addresses.
As expected, the wider cryptocurrency community also took note of the BTC awakening, with some speculating whether Bitcoin’s mystical inventor, Satoshi Nakamoto, was back. However, it is also entirely possible that an old-time miner might have just found a hard drive dating back to 2010 and decided to move their old block rewards or liquidate them.
A closer look at the blockchain data shows the miner’s initial mining reward of 250 BTC was valued at a mere $28,080 when mined back in May 2013. However, it has since surged to a whopping $14,022,065 as of the transfer date — representing a profit of over $13.9 million.
As reported by ZyCrypto, another dormant BTC wallet holding 26 BTC transferred its cache to a new address on Monday. The BTC was obtained in 2012 at an estimated value of $301, while its total value when it was moved last month was around $1.81 million.
The latest transfer coincides with CryptoQuant founder and CEO Ki Young Ju observing that roughly $22.8 billion worth, or 404,448 BTC, has transferred to “permanent holder addresses” over the past 30 days, “and it’s clearly accumulation”.
“I’m pretty sure something is happening behind the scenes,” Young Ju said on X.
Young Ju’s remarks indicate that the movement of these long-dormant coins may be part of a wider Bitcoin accumulation trend. The movement of over 400,000 BTC to cold storage wallets signals a bullish sentiment among investors.
Bitcoin is currently trading at $57,324, as the flagship crypto attempts to rebound from Monday’s mega sell-off.
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