Satoshi-Era Bitcoin Whale Returns With $1.8M Profit After 11.9 Years of Dormancy

Dormant Bitcoin whales continue to arise from the dormancy in which they have spent the last 10-12 years. Today, another wallet was reactivated

A Bitcoin whale that has been dormant for over a decade has finally returned to the crypto scene with a massive profit. According to Whale Alert, a popular blockchain tracker, a wallet that has been inactive for 11.9 years was recently reactivated.

The wallet, which now contains 31 BTC, was initially activated in 2012, when the cryptocurrency was trading at an average price of around $11.7. At the time, the 31 BTC in the wallet was only worth about $362. However, with Bitcoin's astronomical price increase over the years, the same BTC is now valued at an incredible $1,813,156.

This marks an astonishing 500,772% profit increase on the initial investment, highlighting the incredible potential gains that can be realized by hodling crypto over the long term.

Over the past month, Whale Alert has reported on at least a dozen Bitcoin whales reviving their dormant BTC wallets, each showcasing staggering percentage gains in profits.

Meanwhile, data from analytics account @spotonchain reveals that spot Bitcoin ETFs continue to experience significant outflows, with six consecutive trading days of such activity. The only Bitcoin ETF that recorded a positive net inflow was Bitwise, with a modest $9.5 million in BTC flowing into the ETF.

On September 4, Fidelity, Grayscale and VanEck faced outflows of $7.6 million, $34.2 million and $4.9 million, respectively, while other Bitcoin ETFs, including BlackRock's IBIT, the largest spot BTC fund, had zero inflows or outflows. Overall, the ETFs lost $37 million in BTC on Wednesday.

These ETFs have experienced substantial outflows over the past week, contributing to the overall bearish market impact. Additionally, a 5.37% price decrease in Bitcoin was observed on September 4, coinciding with a massive sell-off in the U.S. stock market, with an estimated $1 trillion in stocks being sold.

According to financial commentator Jim Cramer, the sell-off specifically targeted companies in the AI/data center/computing sectors, as well as those in housing and oil. This occurred around the same time that the U.S. Department of Justice reportedly subpoenaed Nvidia and several other chip-making companies as part of an antitrust investigation.

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