Mysterious Bitcoin Whale Cashes out $95 Million in Gains After Years of “Hodling”
A mysterious Bitcoin whale has managed to cash out $95 million in gains from 5,000 BTC bought at $686 per coin by “hodling” over the years. On-chain data tracker Whalemap reports, ”Someone cashed out 5000BTC yesterday, making a whopping a $95,000,000 profit. Original price of acquisition was $698 for him, which is a 2800% increase at current price.”
Someone cashed out 5000BTC yesterday making a whopping a $95,000,000 profit
Original price of acqusition was $698 for him which is a 2800% increase from current price
What a guy pic.twitter.com/mUuul2Z3YL
— whalemap (@whale_map) September 5, 2022
As reported by U.Today, a Bitcoin whale address that was created back in 2013 moved 5,000 BTC worth nearly $100 million yesterday.
There are still questions about the reactivation of such wallets and whether or not the owner had the conviction necessary to hold onto the coins for nearly nine years.
The most plausible explanation is that someone unintentionally discovered their long-lost private keys and gained access to an enormous fortune. It is also possible that the wallet was reactivated after its owner succeeded in unlocking it. Also, it cannot be ruled out that the holder might have such strong convictions.
In recent weeks, some identical Bitcoin wallets have come to life after years of dormancy. The addresses that were generated during the time of the enigmatic Bitcoin creator, Satoshi Nakamoto, often garner the most public curiosity.
Ki Young Ju, the CEO of CryptoQuant, stated that people who own “older” coins, particularly in considerable amounts, probably need to avoid calling attention to their recently increased fortune.
A CryptoQuant research piece into old fund movements uncovers who these ”mysterious” Bitcoin whales could be; these whales were likely early visionaries who accumulated Bitcoin via mining and trading or coins coming from the Cryptsy Bitcoin exchange just before it was “hacked.”
65% of Bitcoin supply unmoved in last year
This is equivalent to 65.77% of the circulating supply.
Increasing dormant supply is a characteristic of #Bitcoin bear markets.
— glassnode (@glassnode) September 5, 2022
A large chunk of the Bitcoin supply has remained unmoved in the last year, which remains a worrying signal. According to information from on-chain analytics platform Glassnode, “The volume of Bitcoin supply that has remained unspent for at least 1 year has reached a new ATH of 12.589 million BTC. This is equivalent to 65.77% of the circulating supply. Increasing dormant supply is a characteristic of Bitcoin bear markets.”
Bitcoin was marginally up at $19,970 after touching the $20K mark earlier.