A Bitcoin investor who bought in way back in 2011 recently moved their coins, making a seriously impressive profit.
A 14.5-Year Nap
A cryptocurrency tracker noticed a Bitcoin wallet that hadn’t been touched in 14.5 years suddenly became active. This wallet originally received 3,962 Bitcoin in January 2011, costing about $1,460 at the time. Then, poof! Silence.
The wallet’s inactivity could be explained in two ways:
- Lost Wallet: The owner might have forgotten about it, lost their access keys, or simply misplaced the information. This is the most likely scenario for long periods of dormancy.
- HODLing Hero: The owner might have been patiently holding onto their Bitcoin, waiting for the right moment to sell.
The Big Payday
Recently, the wallet sprang back to life. First, a tiny test transaction. Then, boom – all 3,962 Bitcoin were moved to a new wallet. At today’s prices, that’s a whopping $469 million! That’s a return of roughly 322,000%!
Why Now?
If the wallet was lost, its rediscovery is the obvious explanation. If not, the recent high Bitcoin prices likely made this a very tempting time to cash out.
What About the Market?
Interestingly, while Bitcoin’s price hasn’t changed much recently, some Bitcoin ETFs (exchange-traded funds) are seeing money flow out. Over the last day, 751 Bitcoin (about $89 million) left ETFs, with a significant chunk coming from Fidelity’s FBTC fund. Ethereum ETFs, on the other hand, saw a large influx of funds.
Current Bitcoin Price
As of now, Bitcoin is trading around $118,900.