Mysterious Bitcoin Whale Takes Out $95 Million in Profits After Years of ‘Hodling’
A mysterious Bitcoin whale has managed to take out $95 million in winnings from 5,000 BTC bought at $686 per coin by “hodling” over the years. On-chain data tracker Whale map reports, ”Someone cashed out 5000 BTC yesterday, making a whopping profit of $95,000,000. Original acquisition price was $698 for him, which is a 2800% increase in today’s price.”
Someone cashed out 5000 BTC yesterday for a whopping profit of $95,000,000
Original acquisition price was $698 for him, which is a 2800% increase from today’s price
What a guy pic.twitter.com/mUuul2Z3YL
— whale map (@whale_map) 5 September 2022
As reported by U.Today, a Bitcoin whale address created back in 2013 moved 5,000 BTC worth nearly $100 million yesterday.
Questions remain about the reactivation of such wallets and whether the owner had the necessary conviction to hold on to the coins for almost nine years.
The most plausible explanation is that someone accidentally discovered their long-lost private keys and gained access to a huge fortune. It is also possible that the wallet was reactivated after the owner succeeded in unlocking it. Nor can it be ruled out that the holder may have such strong convictions.
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In recent weeks, some identical Bitcoin wallets have sprung to life after years of dormancy. The addresses generated during the time of the enigmatic Bitcoin creator, Satoshi Nakamoto, often arouse the most public curiosity.
Ki Young Ju, CEO of CryptoQuant, stated that people who own “older” coins, especially in significant amounts, should probably avoid calling attention to their newly increased wealth.
A CryptoQuant Investigation of Old Fund Movements Reveals Who These ”Mysterious” Bitcoin Whales Could Be; these whales were probably early visionaries who accumulated Bitcoin via mining and trading or coins that came from the Cryptsy Bitcoin exchange just before it was “hacked.”
65% of Bitcoin supply was untouched last year
The volume of #Bitcoin supply that has been unused for at least 1 year has reached a new ATH of 12,589 million $BTC.
This corresponds to 65.77% of the circulating supply.
Increasing sleeping offers is a characteristic of #Bitcoin bear markets.
Live Chart: pic.twitter.com/3WQ6ae7dvX
— glassnode (@glassnode) 5 September 2022
A large portion of the Bitcoin supply has remained untouched over the past year, which remains a worrying sign. According to information from the analysis platform on the chain Glass node“The volume of Bitcoin supply that has been unused for at least 1 year has reached a new ATH of 12.589 million BTC. This is equivalent to 65.77% of the circulating supply. Rising dormant supply is a hallmark of Bitcoin bear markets.”
Bitcoin was marginally up at $19,970 after touching the $20K mark earlier.
