U.Today – As reported by major cryptocurrency transaction monitoring service Whale Alert, the unknown whale, which has been dormant for the past 11.5 years since 2013, has suddenly come back to life.
Specifically, the unknown whale began showing activity by transferring 25,015 BTC from the old address “1MVvvtH” to the new address “bc1qvfz”.
Purchased almost 11 and a half years ago for $686, this cryptocurrency is now worth $1.59 million. We see that this former Bitcoin (BTC) holder has made a massive profit of 231,778%. If we break that figure down to the entire period since 2013, we get 20,154.6% per year – an incredible result.
It is unknown what caused the long-dormant wallet to come back to life. Maybe someone remembered its seed phrase. Or maybe it is the willingness to transfer funds to the new standard wallet, as bc1 addresses are preferable to 1 addresses in Bitcoin because they offer better error correction, smaller transaction sizes, SegWit support, and are more future-proof.
It is also no exception that the unknown investor decided to withdraw his money after holding on to his Bitcoin holdings. This is why it is perceived as a rather negative bearish event. And while one may be happy to hold on to a 231.778% gain, this should not be perceived as something so positive for the BTC price.
Bitcoin is still trading mostly sideways around $63,000 per BTC. As summer draws to a close, it will be interesting to see what happens to the price of the leading cryptocurrency in the coming months.
This article was originally published on U.Today
