Several dormant Bitcoin wallets, untouched for over a decade, have recently shown unexpected activity, resulting in massive profits for their owners.
On Thursday, one of these long-inactive accounts moved 100 BTC, originally acquired for just $605 in 2012, now valued at over $6 million—a staggering 994,495% profit.
The day before, another ancient wallet transferred 121 BTC, purchased for a mere $126 back in 2011, now worth around $7.5 million, representing a gain of over 5.9 million percent.
Earlier this month, a similar occurrence was noted when a wallet holding 100 BTC, bought for $83,492 in 2014, was suddenly activated.
Despite these movements, CryptoQuant’s CEO, Ki Young Ju, suggests that data from the Spent Output Age Bands (SOAB) metric shows that most long-term Bitcoin holders are still not shifting their assets.
The SOAB, which categorizes spent coins by age, indicates that while such movements can trigger market volatility, the majority of these “ancient whales” remain inactive.
October has not lived up to its promising reputation for Bitcoin. Traditionally, this month has brought strong gains, often dubbed “Uptober,” with Bitcoin averaging nearly 23% in returns since 2013. In standout years like 2021, it even soared by 40%.
QCP Capital analysts continue to hope for a bullish rally through Uptober, which they say depends on Bitcoin holding important support.
Crypto analyst and trader Kevin Svenson shared his views on the current state of Bitcoin (BTC) as it exits the bullish trend reversal pattern.
In a recent interview with Bernstein analysts, MicroStrategy co-founder and executive chairman Michael Saylor shared a bit more information about the company’s ambitious plan.