Two Bitcoin whale addresses that had laid dormant for almost 11 years have suddenly sprung to life, taking the market by surprise. The anonymous whale wallets have initiated large-scale Bitcoin transactions, reaping substantial profits from their early investments in the pioneer cryptocurrency.
Early Bitcoin Whales Move 1,000 BTC
Blockchain analytics platform Lookonchain took to X (formerly Twitter) recently to unveil two Satoshi-era whale wallets which have been inert for 10.7 years suddenly showing signs of activity. The on-chain data analysis tool disclosed that the anonymous whale wallets, identified as “16vRqA” and “1DUJuH” had cumulatively transferred a total of 1,000 BTC valued at $60.9 million in the span of 20 minutes.
According to Lookonchain, the two previously dormant Bitcoin whale wallets had purchased about 500 BTC each as early as September 13, 2013, just four years after the cryptocurrency’s inception. At the time, the price of BTC was about $124, thousands of dollars less than its current price today.
Each of the BTC whale wallets had previously held 500 BTC, worth approximately $62,000. Now with the price of Bitcoin slightly above $61,200 at the time of the transfer, these anonymous Bitcoin whales have realized significant profits. Over the past 10 years, Bitcoin has skyrocketed by an astonishing 47,873%, resulting in each wallet’s initial BTC investment of $62,000 now yielding a profit of $30,387,372.
This substantial profit can be attributed to the Bitcoin whale’s long years of hodling the pioneer cryptocurrency. Back in BTC’S early days, when only a fraction of today’s crypto community recognized its potential, a few smart investors had purchased significant amounts of the cryptocurrency at a low price. They held onto their holdings as BTC evolved, witnessing its gradual price increase over the years.
Following Bitcoin’s rise to a record high of $69,200 in March, another Satoshi-era Bitcoin whale wallet had executed a large-scale BTC transaction, selling off 1,000 BTC and reaping profits of over $69 million. Following the transfer, the price of BTC had fallen significantly, underscoring the strong influence large-scale BTC transactions have on the present market.
BTC Price Sees Slight Uptick
Following the 1,000 BTC transferred by the two previously inactive whale wallets, Bitcoin’s price, which was initially trading slightly above $60,000, surged by 2.92% in just 24 hours. The cryptocurrency is presently trading at $62,800, displaying bullish signals as its daily price chart depicts mostly green candles.
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Bitcoin’s daily trading volume of about $18.1 billion has also witnessed a significant increase of 41.23%, highlighting the sudden rise in interest and demand from investors. It’s presently uncertain if BTC will keep this bullish momentum, considering that the cryptocurrency was previously experiencing substantial declines following the halving event on April 20.
Over the past month, CoinMarketCap has reported an 8.45% decrease in Bitcoin and another 4.15% drop in the past seven days. With the market showing new signs of interest in BTC, the cryptocurrency’s price correction may be over, indicating the onset of a potential recovery.
BTC price at $62,500 | Source: BTCUSD on Tradingview.com
Featured image from CoinCentral, chart from Tradingview.com
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