Bitcoin has been around for over a decade, and some early investors are finally cashing in on their long-held investments.
Bitcoin Whales Awaken
Recently, several dormant Bitcoin wallets, known as “whales” due to their large holdings, have suddenly become active. One wallet, inactive for over 12 years, moved 100 Bitcoin, worth over $6 million today. That’s a profit of over 994,000%!
Another wallet, dormant for 13.7 years, moved 121 Bitcoin, worth around $7.5 million today. This represents a profit of over 5,972,000%.
These massive profits highlight the potential gains for early Bitcoin investors.
Are More Whales About to Wake Up?
While these recent moves are significant, some analysts believe that the majority of long-term Bitcoin holders are still holding onto their coins.
Ki Young Ju, head of blockchain analytics platform CryptoQuant, suggests that these recent movements are not necessarily indicative of a broader trend. He points to a metric called “Spent Output Age Bands” (SOAB), which tracks the age of Bitcoin transactions. According to Ju, the SOAB data suggests that most long-term Bitcoin holders are still holding onto their coins.
However, the recent activity of these “sleeping giants” could be a sign of things to come. If more whales decide to sell their Bitcoin, it could have a significant impact on the market.
Bitcoin Prices on the Rise
Bitcoin is currently trading at around $62,723, up over 4% in the last 24 hours. The recent activity of these dormant wallets could be contributing to this price increase.
It remains to be seen whether these recent moves are just isolated events or the beginning of a larger trend. But one thing is clear: the Bitcoin market is full of surprises, and even after over a decade, there are still plenty of opportunities for profit.
