- The wallets realized an extraordinary profit of 49,274.2%, generating approximately $60.8 million overall.
- Instead of selling through exchanges, the Bitcoin was moved to undisclosed wallets, adding mystery to their motives.
On a quiet Sunday morning, the cryptocurrency world was taken by surprise as two Bitcoin wallets, dormant for over a decade, reactivated and moved their holdings. These wallets, which had been inactive for precisely 10.7 years, transferred 1,000 BTC, now valued at approximately $60.9 million, in a rapid 20-minute transaction.
The wallets, known by their addresses “16vRqA” and “1DUJuH”, were initially filled with 500 BTC each in September 2013, when Bitcoin’s price hovered around $124 per coin. Today, these holdings have appreciated dramatically, yielding a profit of 49,274.2%, or around $60.8 million, which breaks down to an annual profit of about $5.7 million over the last 11 years.
💤 💤 💤 💤 A dormant address containing 500 #BTC (30,494,084 USD) has just been activated after 10.7 years (worth 63,565 USD in 2013)!https://t.co/HcQ05ZMDPI
— Whale Alert (@whale_alert) May 12, 2024
This transaction was detected by Lookonchain and further highlighted by Whale Alert, a service that tracks major cryptocurrency transactions.
💤 💤 💤 💤 A dormant address containing 500 #BTC (30,514,975 USD) has just been activated after 10.7 years (worth 62,890 USD in 2013)!https://t.co/UJXRqrKXKA
— Whale Alert (@whale_alert) May 12, 2024
The activation of these long-silent Bitcoin “whales” has ignited a flurry of speculation among traders and analysts in the cryptocurrency community.
2 wallets that have been dormant for 10.7 years transferred all 1,000 $BTC($60.9M) out in the past 20 mins.
Wallet"16vRqA" received 500 $BTC($62K at that time) on Sept 13, 2013, when the price was $124.
Wallet"1DUJuH" received 500 $BTC($62K at that time) on Sept 12, 2013, when… pic.twitter.com/l5ivjrcRt5
— Lookonchain (@lookonchain) May 12, 2024
The move of such an amount of wealth, particularly from sources that have been inactive for such a long period, is notable. It raises questions about the timing and the intent behind these transactions.
Despite the enormous profits realized by these wallets, Bitcoin has not been sold on exchanges but instead transferred to other, as yet unidentified wallets. This decision to move the funds without cashing out adds a layer of intrigue to the situation, prompting speculation about the motives behind these transactions.
Historically, the reactivation of dormant wallets holding large amounts of Bitcoin has been viewed with caution by the market, often being interpreted as a bearish signal. The concern is that the holders of these large amounts of Bitcoin might be preparing to sell, potentially driving down the price by increasing supply suddenly.
However, the circumstances of these particular wallets are unique. Without further actions that clearly indicate a sell-off, such as transfers to known exchange wallets, the market can only speculate about the next moves of these Bitcoin holders.
The uncertainty leaves both traders and analysts on edge, watching closely for any signs that might indicate whether these ancient holders are looking to cash in on their digital goldmines or perhaps have different plans for their suddenly mobilized fortunes.
The current price of Bitcoin (BTC) is approximately $61,138.73 USD. Looking at recent price fluctuations and market activity, Bitcoin appears to be in a consolidation phase with a slight uptrend in the near term.
