As Bitcoin and the rest of the cryptocurrency market continues to struggle with the bears, a whale was seen moving his stash of BTC from multiple addresses after ten years of hodling. Has he hit his target and finally decided to let go?
1000 BTC Moved After 10 Years
According to on-chain data on Blockchain.com, 1000 Bitcoins were moved from 20 different addresses to a new address during the late hours of Tuesday night. The addresses were created in August, September, and October of 2010, with each holding 50 BTC.
After the new address, which was created on Tuesday, received the Bitcoins, the owner then transferred the coins to 54 different addresses that were created during the early hours of Wednesday. Fifty-three addresses received 15 bitcoins; one received 200 bitcoins, and one received 4.99, adding up to a total of 1,000 BTC.
Basking in Profits?
Perhaps what is interesting about this development is the fact that the 1000 Bitcoins that were transferred recently were worth just $68.2 in the third quarter of 2010.
At the time of the transactions, Bitcoin was trading at about $7,800, meaning that the owner has moved BTC worth about $7.8 million. However, it’s also worth noting that the price has since moved substantially almost immediately after the Bitcoins were transferred. Of course, it’s unclear whether they’ve been sold, but the price has dropped massively as Bitcoin currently trades at around $6,000.
42% of BTC Unmoved
While no one knows who owns this particular wallet, it is fascinating to see early Bitcoiners moving their funds after such a long time. It helps to debunk the widespread belief that many people who created wallets between 2009 and 2011 have lost access to their keys.
Meanwhile, a recent report from Coinmetrics suggests that about 42% of the total bitcoin in circulation has not been transacted for at least two years as of March 1st. This development is similar to what happened in mid-2017, and the amount of untouched Bitcoin has not surpassed 42% since then.
That is not surprising as a recent survey shows that people are willing to hold on to their BTC for an extended period of time, while the majority claimed they would sell if the price of the coin hits the $100,000 mark.