Bitcoin Whale from Satoshi Era Surprisingly Awakens with 400,179% Profit
A Bitcoin address that lay dormant for 13 years, housing 48 BTC valued at $2.57 million, sprung to life today, as per a report from Whale Alert. The coins were initially acquired when Bitcoin was a mere $13.7 per BTC, showcasing an impressive 400,179% gain.
Typically, the reactivation of long-idle addresses tends to instill bearish sentiments among market players. It often signals that holders might be gearing up to offload their assets, potentially inundating the market with substantial amounts of Bitcoin and driving up selling pressure.
This resurgence of ancient wallets has been a recurring theme this month, with today’s event fitting into a broader pattern. Recently, U.Today highlighted another dormant address awakening, containing about $8 million worth of BTC. Furthermore, two addresses each holding over $2 million were reactivated last week after extended periods of dormancy.
These developments carry weight in the current crypto market landscape. Bitcoin prices persist at their lowest levels in months, recently touching $54,300, a level unseen since late April.
In a recent instance, an unidentified whale, after 13 years of dormancy, shifted 1.949 BTC, equivalent to $111,450, to a new address labeled “bc1q6p.” Another 1 BTC found its way to another new address, “3J4Ng.” Speculation suggests that the investor might further distribute their Bitcoin holdings through these fresh addresses.
Of note is the whale’s utilization of various Bitcoin address formats. Conventional addresses commence with “1,” multisignature addresses with “3,” and SegWit addresses with “bc1.” These formats offer differing levels of security and transactional efficiency.
