Whale Alert, a prominent cryptocurrency transaction tracking website, has claimed that the unidentified Bitcoin whale, which had lain inactive for 11.5 years since 2013, has unexpectedly resurfaced.
In particular, the transfer of 25,015 BTC from the previous address, “1MVvvtH,” to the new address, “bc1qvfz,” was how the unidentified whale first shown activity.
This amount of Bitcoin, which was bought for $686 about 11 and a half years ago, is currently worth $1.59 million. It is evident that this seasoned Bitcoin (BTC) owner has profited by an astounding 231,778%. When you calculate it for the whole year starting in 2013, the figure is 20,154.6% annually, which is amazing.
https://x.com/whale_alert/status/1828074976051655086
What brought the long-dead wallet back to life is unclear. Perhaps someone still had their seed phrase in mind. Perhaps it’s the readiness to move money to the new standard wallet, as bc1 addresses in Bitcoin are better than 1 addresses due to better error correction, reduced transaction sizes, SegWit compatibility, and more future-proofing.
The unidentified investor’s decision to sell their Bitcoin assets after hanging onto them is likewise not unusual. It is therefore viewed as a fairly unfavourable bearish event. Furthermore, even if someone could be content to hang onto a 231,778% profit, this is not good news for the price of bitcoin.
The price of one bitcoin is now trading basically sideways around $63,000. It will be fascinating to watch what happens to the price of the most popular cryptocurrency in the upcoming months as summer draws to a close.
