Calm Sunday morning was disrupted, when two dormant Bitcoin (BTC) wallets, untouched for over a decade, have sprung to life, shaking the cryptocurrency market with their monumental activity.
According to Lookonchain’s latest findings, these wallets, inactive for precisely 10.7 years, have swiftly transferred their entire holdings of 1,000 BTC, currently valued at a staggering $60.9 million, within a mere 20-minute window.
The wallets in question, identified as “16vRqA” and “1DUJuH,” received their initial deposits of 500 BTC each back in September 2013, when Bitcoin was valued at a modest $124 per coin.
Fast forward to today, and these addresses have witnessed an extraordinary surge in value, boasting an astronomical profit margin of 49,274.2%. In monetary terms, this translates to a jaw-dropping $60.8 million windfall, equating to an astonishing $5.7 million in profit accrued annually over the past 11 years.
💤 💤 💤 💤 A dormant address containing 500 #BTC (30,494,084 USD) has just been activated after 10.7 years (worth 63,565 USD in 2013)!https://t.co/HcQ05ZMDPI
— Whale Alert (@whale_alert) May 12, 2024
💤 💤 💤 💤 A dormant address containing 500 #BTC (30,514,975 USD) has just been activated after 10.7 years (worth 62,890 USD in 2013)!https://t.co/UJXRqrKXKA
— Whale Alert (@whale_alert) May 12, 2024
The sudden reactivation of these dormant BTC whales has sparked intense speculation within the cryptocurrency community. Many analysts posit that such a move could signify a pivotal shift in market sentiment.
Bearish?
Interestingly, despite the significant profit margins, the owners of these wallets have chosen not to cash out through exchanges but rather opted to transfer their assets to undisclosed wallets, adding a layer of mystery to their motives.
Historically, the emergence of long-dormant Bitcoin holders has often been interpreted as a bearish signal, suggesting a potential sell-off to lock in profits. However, the unique circumstances surrounding these ancient wallets leave the market eagerly anticipating their next move.
