Whales wake up after more than 10 years of hibernation, moving 500 BTC

A veteran Bitcoin hodler has just withdrawn funds from his wallet for the first time since 2011, the year Satoshi Nakamoto sent his last email and disappeared from the internet, according to Whale Alert.

An initial investment of $ 8,425 turned into $ 23.7 million as Bitcoin saw tremendous gains over the past decade.

The top cryptocurrency is currently trading at $ 46,602 after peaking at $ 69,000 in November.

Whales wake up after more than 10 years of hibernation

Bitcoin price last decade. Source: TradingView

Impressively, not many people can wait 10 years to sell Bitcoin. One possible explanation is that someone accidentally discovered or eventually unlocked a dusty crypto wallet.

Last May, $ 500,000 worth of Bitcoin was transferred from a Bitcoin wallet that opened in February 2009 – two months after the Genesis block was dismantled. This immediately sparked speculation that Satoshi began withdrawing, but that hypothesis was later disproved by blockchain analysts.

Additionally, a sleeping whale activated a $ 150 million wallet in November of that year.

According to a recent study by the National Bureau of Economic Research, only the top 0.01% of Bitcoin addresses control almost a third of the total supply.

Taking into account the balances of the cryptocurrency exchanges, Bitcoin ownership remains extremely concentrated with the early adopters.

Of course, not everyone who got into Bitcoin in their early years turned into whales. Last December, Martti “Sirius” Malmi, Satoshi’s first partner, announced that he had missed out on his billion dollar fortune by selling his bitcoins prematurely.

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