A deep-pocketed crypto holder who bought Bitcoin (BTC) more than 12 years ago is suddenly moving the flagship digital asset at a massive profit.
On-chain data shows that on Thursday, the previously dormant crypto wallet abruptly moved a Bitcoin stack after recording gains of 994,495%.
Says blockchain tracker Whale Alert,
“A dormant address containing 100 BTC ($6,017,301) has just been activated after 12.7 years (worth $605 in 2012)!”
On Wednesday, an even larger ancient Bitcoin address woke up and relocated a Bitcoin trove at a profit of more than 5,972,915%.
Says blockchain tracker Whale Alert,
“A dormant address containing 121 BTC ($7,525,999) has just been activated after 13.7 years (worth $126 in 2011)!”
Earlier this month, a third long-term deep-pocketed Bitcoin holder was spotted waking up by Whale Alert.
“A dormant address containing 100 BTC ($6,113,890) has just been activated after 10.8 years (worth $83,492 in 2014)!”
Despite the on-chain data, Ki Young Ju, the head of blockchain analytics platform CryptoQuant, recentlysaid that the Spent Output Age Bands (SOAB) metric indicates long-term holders of Bitcoin are largely not moving their coins.
The SOAB bundles spent coins into categories depending on their age and presents them in colored bands as a proportion of total coins moved.
Said Ju,
“Ancient Bitcoin whales are still sleeping. Moving Bitcoins dormant for seven-plus years has historically triggered market volatility, depending on source and destination. (Mt. Gox excluded in this chart). If you were an ancient whale, what would you do now?”
Bitcoin is trading for $62,723 at time of writing, up more than 4% in the last 24 hours.
Generated Image: Midjourney