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Bitcoin’s Sleeping Whale Bursts to Life with a Massive 63,946% Profit
Yuri Molchan
Inactive Bitcoin Wallet Comes Back to Life After 11 Years of Inactivity
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Whale Alert, a well-known blockchain tracker, reported that a dormant BTC wallet has become active again just over two hours ago after being inactive since 2013.
The wallet does not contain a lot of Bitcoin, however, it contains enough BTC to make its owner a millionaire, thanks to the huge profits made in these 11 years.
Satoshi Era Bitcoin Wallet Reactivated
The above data source stated that this anonymous wallet has been reactivated after nearly a dozen years of inactivity. It contains 26 Bitcoins worth $1,663,917 at the current BTC/USD exchange rate.
In 2013, this amount of BTC was valued at just $2,598. The difference between these two values constitutes a staggering 63,946.1% increase in the value of Bitcoin.
As U.Today reported earlier this week, several other Bitcoin sleeper whales have re-invested their funds after being dormant for 10 or more years, a time when the shadow of the mysterious Bitcoin creator Satoshi Nakamoto was still around and some members of the BTC community remembered chatting with him on the BitcoinTalk forum.
Quite often, dormant Bitcoin wallets become active again a decade after their owners manage to recall the lost private keys to their BTC held in cold storage. However, once these wallets are reactivated, whales start selling their Bitcoin in part or in full.
The number of Bitcoin holders drops dramatically
Earlier this week, popular on-chain data aggregator Santiment noted a dramatic drop in the overall number of wallets holding at least one BTC.
“Amount of Bitcoin holders they went down aggressively,” Santiment’s tweet said, pointing to a key reason for this: traders believe the price of the world’s leading cryptocurrency is unlikely to rise above the all-time high Bitcoin reached in March this year. Back then, BTC skyrocketed to $73,750. The total number of Bitcoin holders (with more than zero BTC) is down 672,510 since June.
However, Santiment then pointed out that such mass liquidations of Bitcoin only increase the likelihood of a continued BTC rebound.
At the time of writing, Bitcoin is trading at $64,033. Since Wednesday, Bitcoin has seen a total decline of nearly 2.8%.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many ways. He has written for several media outlets about cryptocurrencies. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.