Two Bitcoin wallets that have been dormant for over a decade have suddenly become active, surprising the market. These “whale” wallets have made large transactions, reaping massive profits from their early investments in Bitcoin.
Early Bitcoin Investors Strike Gold
On-chain analytics platform Lookonchain revealed that two whale wallets, “16vRqA” and “1DUJuH,” have been inactive for 10.7 years but recently showed signs of life. They transferred a total of 1,000 BTC, worth $60.9 million, in just 20 minutes.
These wallets purchased 500 BTC each in 2013, when the price was around $124. Today, with Bitcoin trading at over $61,000, these whales have made a staggering profit of $30 million each.
Bitcoin’s Long-Term Value
This profit highlights the long-term value of Bitcoin. Early investors who held onto their coins have witnessed an incredible 47,873% increase in value over the past 10 years.
Impact on Market
Large-scale Bitcoin transactions can significantly influence the market. Following the recent transfers, Bitcoin’s price surged by 2.92% in 24 hours. The cryptocurrency is now trading at $62,800, showing signs of bullishness.
Market Outlook
It’s unclear if Bitcoin will maintain this momentum, as it has experienced declines in the past. However, the recent activity from dormant whales suggests that the market is showing renewed interest in the cryptocurrency.
