As a major crypto transaction monitoring service reports Whale alarmThe unknown Bitcoin whale, which lay dormant for 11.5 years since 2013, has suddenly come back to life.
Specifically, the unknown whale started showing activity by transferring 25,015 BTC from the old address “1MVvvtH” to the new address “bc1qvfz”.
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That volume of cryptocurrency purchased nearly 11.5 years ago for $686 is now worth $1.59 million. We can see that this old, long-time Bitcoin (BTC) holder has made a whopping 231,778% profit. If you break that down to the entire period since 2013, you get 20,154.6% per year – an incredible result.
It is unknown what brought the long-dormant wallet back to life. Perhaps someone remembered their seed phrase. Or perhaps it is a willingness to transfer funds to the new default wallet, as BC1 addresses are preferable to Bitcoin 1 addresses as they offer better error correction, smaller transaction sizes, compatibility with SegWit, and greater future-proofing.
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It is also not an exception that the unknown investor decided to exit after keeping his Bitcoin holdings. Therefore, this is perceived as a rather negative bearish event. And while one may be happy to keep a 231,778% profit, this should not be perceived as so positive for the BTC price.
Bitcoin continues to trade mostly sideways at around $63,000 per BTC. As summer comes to an end, it will be interesting to see what happens to the price of the leading cryptocurrency in the coming months.
