Bitcoin Wallet With 24 BTC In Balance Has Come Alive After 10.8 Years

On-chain data shows a Bitcoin wallet has suddenly moved coins dormant for 10.8 years. Here’s how much profit it made on its investment.

A Bitcoin wallet, which has remained largely inactive for over a decade, has finally seen some movement. According to data from on-chain transaction service Whale Alert, a BTC address has had its coins moved out after a long wait of 10.8 years.

The wallet, which had a balance of around 24 BTC, cleared itself out with its latest transaction. Here are the details related to this transfer.

The wallet’s first transaction, where it received the 24 BTC, took place on November 16, 2013. It’s only now that the investor has decided to move the coins again.

At the time of receiving the coins, Bitcoin was trading around $438.83. This means the holder would have bought the stack for $10,915. However, today, Bitcoin’s value has magnified more than ever before. The same 24 BTC stack is now valued at a whopping $1.46 million.

This marks a massive increase of 13,245%, or $1.45 million. The investor has certainly hit the jackpot, but whether this was a result of HODLing the coins remains uncertain.

Statistically, coins that age past the seven-year mark are likely to have done so by being lost, whether through misplaced keys or simply forgetting their existence.

Hence, it’s possible that this wallet, carrying tokens older than ten years, had become lost for at least a good portion of this time before being rediscovered by the original investor or someone else.

If the investor were sitting on these coins of their own accord for all this time, then they would indeed be diamond hands among diamond hands.

It’s unclear why the holder has moved these coins out of the wallet, but given the large scale of profits the investment has amassed, they may be cashing out.

However, selling from this investor should be of no consequence to the market. The amount, while not too small in absolute terms, is still just a drop in the ocean compared to the total amount of capital invested into Bitcoin.

In some other news, as on-chain analyst Checkmate pointed out in an Xpost, around 80% of the Bitcoin short-term holder supply is being held at a loss.

The short-term holders here are the Bitcoin investors who bought their coins within the past 155 days. These investors are generally the opposite of HODLers, so when many of them are in the red, they can be prone to participate in a panic selloff.

However, Checkmate has noted that despite a large amount of them being underwater, the magnitude of the unrealized loss isn’t that much, as it’s only equivalent to 4% of the cryptocurrency’s market cap.

BTC Price At the time of writing, Bitcoin is trading around $58,300, down almost 3% over the past 24 hours.

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