A dormant Bitcoin (BTC) whale from 2012 has just resurfaced after a long period of dormancy, thanks to a discovery by Spot On Chain. The anonymous entity with a reported 400 BTC balance initially purchased its cryptocurrency stash for no more than $2,091. However, at today’s prices, that amount of Bitcoin is worth $35.8 million – a staggering profit of 1,712,099%.
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As the on-chain analytics report states, the unknown whales, along with two other wallets that recently resurfaced, deposited 200 BTC, worth about $17.9 million, into the oldest major crypto exchange, Bitstamp, and transferred 351 BTC, worth another $31.5 million, to a new wallet.
The latest emergence of early Bitcoin investors from the period when the enigmatic creator of the cryptocurrency, Satoshi Nakamoto, was still active online is just another in a series of similar awakenings.
Trick or threat?
From one point of view, such shifts of Bitcoin concern the crypto community, as if someone sitting on hundreds of thousands of percent of profit deposits the cryptocurrency on the exchange, the most logical outcome of such an action is to cash out the profit.
However, despite the activity, the price of BTC continues to rise, absorbing all of the offered supply. We also see that not all coins make it to platforms like Bitstamp, and eventually the biggest “slices” are withdrawn to other wallets.
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Thus, besides the fact that deposits are taking place on Bitstamp, the bigger picture reveals a more complicated route for Bitcoin from old crypto investors.
How this will end for the cryptocurrency remains an open question, but as the oldest “diamond hands” start to shuffle their holdings, it is definitely something to keep an eye on.
