A wealthy cryptocurrency holder who purchased Bitcoin (BTC) over a decade ago is now making significant moves in the digital asset market. Recent on-chain data reveals that a previously inactive crypto wallet has suddenly transferred a substantial amount of Bitcoin, resulting in a profit increase of 994,495%.
According to Whale Alert, a blockchain tracker, the dormant wallet containing 100 BTC (equivalent to $6,017,301) was activated after lying dormant for 12.7 years. This significant increase in value from just $605 in 2012 showcases the potential gains that long-term Bitcoin holders can achieve.
In a similar vein, another ancient Bitcoin address recently woke up and moved a significant amount of Bitcoin, garnering profits of over 5,972,915%. Whale Alert reported that a dormant wallet containing 121 BTC (worth $7,525,999) was activated after 13.7 years, highlighting the substantial increase in value from just $126 in 2011.
This trend of long-term Bitcoin holders waking up continues, as another dormant address containing 100 BTC ($6,113,890) was recently activated after 10.8 years, with gains of $83,492 in 2014. Despite these movements, Ki Young Ju, the head of CryptoQuant, noted that the Spent Output Age Bands (SOAB) metric suggests that most long-term Bitcoin holders are not actively moving their coins.
The SOAB categorizes spent coins based on their age, providing insight into the behavior of long-term holders. Ju emphasized that historically, moving dormant Bitcoins held for over seven years has led to market volatility, excluding instances like Mt. Gox. This raises the question of what actions ancient Bitcoin whales might take in the current market.
At the time of writing, Bitcoin is trading at $62,723, reflecting a 4% increase in the last 24 hours. As the cryptocurrency market continues to evolve, the actions of long-term Bitcoin holders and their impact on market dynamics remain a topic of interest for investors and analysts alike. Stay tuned for more updates on the latest developments in the cryptocurrency space.