- An ancient Bitcoin investor has made a whopping $1.2 million after moving dormant assets for the first time in 13 years.
- Experts share their opinions on IT geeks and a few institutional investors who bought assets in the Satoshi era.
- The falling price of BTC to its three-month low could be seen as a factor that occasioned the sale.
This year has marked the resurrection of several Bitcoin (BTC) and altcoin whales due to gains recorded in the market after the turmoil of 2022, which saw most assets lose nearly 50% of their value.
A Bitcoin whale has sold 50 BTC, acquired in 2010 after 13 years of inactivity, making $1.2 million at present prices. According to blockchain data, the wallet address 13CFnFFn932HdxjP2sJYdijmcDPVvDVT2i received the coins in June 2010, leaving many digital asset enthusiasts wondering why the decision was made to transfer the assets 13 years later in June.
Bitcoin whales are large-scale investors who are known for this hoarding behaviour as they mostly sell a significant portion of their stash after many years. As a result of their deep pockets, the activities of bigger whales can swing the direction of the markets, unlike small-scale retail investors.
It is still unclear if this whale was a corporate investor or an IT geek, as computer geeks dominated the BTC market at that time. A developer Kirill Kretov noted that it is quite possible for “IT Geeks” to hold the stash but added that “some commercial entity acquired those wallets from individuals in some later years, preserving the status of those addresses in blockchain.”
The price of BTC is at $25,550, recovering from its recent slump below $25,000 for the first time in three months after the Feds hinted that there might be more interest rate hikes in the future.
The trend continues amid shaky prices
This year has seen many old BTC stashes return into circulation after many years of inactivity. In April, two huge transactions were recorded as a 10-year-old stash was moved for about $7.8 million, and just days after, $11 million worth of assets were transferred.
In Sep 2021, a whopping $30 million in assets was moved after it was acquired for $8,195 nine years ago. Although the resurrection isn’t peculiar to this year, a growing number has come in recent months. The reason cited is the market recovery so far wiping off losses of 2022. Last year, BTC plummeted over 55%, touching new lows not posted in months.
Observers say the surge in the market has led to whales looking to pick up profits after years of hodling while others suggest that recent regulatory crises are another factor.