Wealthy crypto holders who bought Bitcoin (BTC) more than 12 years ago are suddenly turning their flagship digital asset into action with huge profits.
On Thursday, a previously dormant cryptocurrency wallet suddenly moved its Bitcoin stack after posting a 994,495% gain, according to on-chain data.
Blockchain tracker Whale Alert says:
“A dormant address containing 100 BTC ($6,017,301) was activated for the first time in 12.7 years (2012 value $605)!”
On Wednesday, an even larger ancient Bitcoin address woke up and moved a treasure trove of Bitcoins, making a profit of over 5,972,915%.
Blockchain tracker Whale Alert says:
“A dormant address containing 121 BTC ($7,525,999) was activated for the first time in 13.7 years (equivalent to $126 in 2011)!”
Earlier this month, Whale Alert discovered that a third wealthy long-term Bitcoin holder had just woken up.
“Dormant address containing 100 BTC ($6,113,890) activated after 10.8 years (2014 value $83,492)!”
Despite the on-chain data, Ki Young Ju, head of blockchain analytics platform CryptoQuant, recently said that the Spending Age Band (SOAB) indicator shows that long-term Bitcoin holders are barely moving their coins. He said that
SOAB organizes used coins into categories according to their age and displays them in colored bands as a percentage of the total coins transferred.
Ju said,
“The ancient Bitcoin whale is still asleep. Moving Bitcoin that has been dormant for more than seven years has a history of causing market volatility, depending on where it comes from and where it goes. (In this illustration) (Mount Gox excluded) What would you do now if you were an ancient whale?
At the time of writing, Bitcoin was trading at $62,723, up more than 4% in the past 24 hours.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
