U.Today – Popular blockchain tracker Whale Alert has revealed that in the past 24 hours, a dormant cryptocurrency whale reactivated its wallet. The profits it has made on BTC so far are staggering.
The last time he “touched” his cryptocurrency was in 2012, the early years of Bitcoin and just two years after the enigmatic Satoshi Nakamoto chose to lie low.
The old BTC wallet comes back to life
The aforementioned data source reports that a wallet containing 37 BTC has been reactivated after remaining dormant for 11.8 years, since 2012.
While Bitcoin was initially worth just $476, now, in July 2024, this cryptocurrency is valued at $2,498,054. This represented an incredible profit growth of 524,701%.
Earlier this week, Whale Alert published data on several other dormant wallets that had been discovered containing millions of bitcoins each.
Dormant Bitcoin wallets are back in droves
In many cases, these sudden awakenings occur because the owners are only now able to locate their private keys. Many users have lost their first mined or purchased bitcoins forever; some high-profile cases have been covered by the media.
However, another category of users has simply been waiting patiently, watching as the world's flagship cryptocurrency has been gradually increasing in price over the past 10 to 12 years and then decided to call it a day and lock in their huge profits.
This year, Bitcoin hit a new all-time high price when it hit $73,750 on March 14. That historic price increase was largely due to two main factors. The first was the massive Bitcoin buying spree initiated by spot BTC ETFs in January, when those 11 ETFs purchased roughly 10,000 BTC per week.
The second was the anticipation by the global community of the fourth Bitcoin halving. The event took place on April 20 and reduced the Bitcoin block rewards earned by miners from 6.25 to 3.125 BTC.
This article was originally published on U.Today
