Market

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A veteran Bitcoin hodler has just withdrawn funds from his wallet for the first time since 2011, the year Satoshi Nakamoto sent his last email and disappeared from the internet, according to Whale Alert.

https://twitter.com/whale_alert/status/1476265051262705675?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
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.

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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

22 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

28 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

35 minutes ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

3 hours ago

This website uses cookies.