Bitrabo Editorial
An old Bitcoin wallet that has been inactive for 10.8 years has recently shown movement. Let’s explore the profits gained from this investment.
24 BTC Bitcoin Wallet Resurfaces After a Decade
Recent data from Whale Alert, a cryptocurrency transaction tracking service, reveals that a Bitcoin address containing approximately 24 BTC has finally made a move after lying dormant for 10.8 years, emptying out its balance in the latest transaction.
Key details regarding this transfer are as follows.
The initial transaction for this wallet dates back to November 16, 2013, and only now has the investor decided to move the 24 BTC that was held within it.
When these coins were first received, Bitcoin was priced at $438.83, indicating that the investor had purchased the stack for $10,915. Fast forward to today, with Bitcoin’s increased value, the same 24 BTC is now valued at an impressive $1.46 million.
This surge reflects a significant gain of 13,245%, equivalent to $1.45 million. While the investor has evidently profited, it remains unclear whether this was a result of holding onto the investment.
Historically, coins that remain unspent for over seven years are often considered lost, potentially due to misplaced keys or forgotten existence.
It’s plausible that this particular wallet, housing tokens aged over a decade, may have been lost for a considerable duration before being rediscovered by its original owner or another party.
If the investor deliberately kept these coins all this time, they would truly embody exceptional dedication to holding onto their investment.
The reason behind the recent movement of these coins is uncertain, though considering the substantial profits accumulated, it’s plausible that the holder is now cashing out.
The sale by this investor is unlikely to significantly impact the market since the amount, while substantial in absolute terms, is relatively small compared to the total Bitcoin capital invested.
In different reports, on-chain analyst Checkmate highlighted that roughly 80% of short-term Bitcoin holders are currently facing losses.
Short-term holders refer to investors who have acquired Bitcoin within the last 155 days. These individuals typically differ from long-term holders, thereby being more susceptible to engaging in panic selling when experiencing losses.
Despite a notable portion of short-term holders being at a loss, Checkmate noted that the total unrealized loss is relatively minor, constituting only 4% of the cryptocurrency’s market capitalization.
Current BTC Price
As of the latest update, Bitcoin is priced around $58,300, reflecting a decrease of nearly 3% within the last 24 hours.