U.Today – Another anonymous BTC holder has resurfaced after being dormant for nearly 11.2 years, according to data from Whale Alert. Digging deeper into the on-chain data, it appears that an unknown whale, as these large holders are often called, came to life with 750 BTC, a stash worth around $50 million at current prices.
The last time the “1a6Zn” address was active before today was June 4, 2013. At the time, Bitcoin was trading at around $120 per BTC. Fast forward to 2024, and that amount of BTC will earn its owner a cool $50 million, which equates to a 53,583% return on that investment. Extrapolated over 11.2 years, that’s 4,784% per year.
So, after this former dormant whale came back to life, they transferred all the tokens to the address “bc1qc”.
It remains a mystery. However, if we were to try to find reasons, one of them could be security. Over the years, Bitcoin custody standards have changed and the transfer could indicate a change from the old “1” address type to the more secure “bc1” address type.
This is the latest such awakening in recent times, as July was fruitful in terms of the revival of dormant Bitcoin. Many market participants see this as a bearish signal – after all, who would refuse to cash out at least a portion of a 53,583% gain?
However, considering the fact that they have been holding their BTC for years, perhaps selling is not the case here.
This article was originally published on U.Today
