A Bitcoin wallet that was untouched for almost a decade moved BTC worth $30 million yesterday. The wallet in question transferred 616 Bitcoins bought nine years ago to a different wallet.
An ancient Bitcoin wallet transferred 616 coins worth $30 million to another wallet yesterday. Interestingly, the coins - which hadn’t been touched for nine years -- were bought in December 2012, when the price of one Bitcoin was $13.30. The entire stash was purchased for a sum of $8,195.
According to Blockchain.com, the transaction occurred yesterday at 05:50 UTC. The value of the stash seems to have increased by 0.00001 Bitcoin during the 21 transactions made over the course of twelve years. That means the wallet owner has also earned 47 cents.
Large transactions like this always trigger curiosity because people believe that the earliest adopters might have known Bitcoin’s pseudonymous creator Satoshi Nakamoto.
Resurgence in early wallets is also noteworthy because some of them hold large quantities of Bitcoin. That implies that many of these early traders, who bought Bitcoin for negligible prices, have the capacity to change the course of the market.
Data analysis firm Glassnode revealed in 2020 that around 3 million Bitcoin is “lost forever.” That’s equivalent to $141 billion. If these tokens ever return to circulation, they’re bound to disrupt the crypto market, which has already seen mind-boggling volatility this year.
Sunday’s transaction is a testament to the wonders of early investments that can sometimes yield a profit of 358,655% over nine years. But this isn’t the first example this year.
Back in February, a longtime HODLer sold $5 million worth of Bitcoin, which had been bought for the price of one dollar in 2010.
Similarly, a dormant wallet opened in 2009 moved 50 Bitcoins worth $500,000 in May 2020. According to Coindesk reporter Zack Voell, the Bitcoin had been mined in block 3,654 and hadn’t been touched since then.