$ 23.7 million Bitcoin reserve moved for the first time in more than a decade
A diamond-handed Bitcoin holder has just removed his coins from his wallet for the first time since 2011, the year Satoshi Nakamoto sent his last known email and disappeared from the web, according to Whale alert data.
The initial investment of $ 8,425 turned into $ 23.7 million, with Bitcoin registering huge gains over the past decade.
The highest cryptocurrency is currently $ 47,247 after hitting $ 69,000 on November 10.
As impressive as it may be, it’s unlikely that anyone would have waited more than ten years to cash out their Bitcoin stash. A more likely explanation for the transaction is that someone accidentally discovered or ultimately unlocked a dusty crypto wallet.
Last May, $ 500,000 worth of Bitcoin was transferred from a Bitcoin wallet that was opened in February 2009, just two months after the genesis block was mined. This immediately led to speculation that Satoshi started cashing in his coins, but the theory was later refuted by blockchain analysts.
As reported by U.Today, a sleeping whale also activated a wallet containing $ 150 million in November.
According to a recent study by the National Bureau of Economic Research, only 0.01% of top Bitcoin addresses control almost a third of the total supply.
While the balances of cryptocurrency exchanges must also be taken into account, Bitcoin ownership is still extremely centralized due to early adopters.
Of course, not everyone who entered Bitcoin in its early years has turned into a whale. Last December, Martti “Sirius” Malmi, Satoshi’s first partner, revealed that he missed out on a billion dollar fortune by selling his Bitcoin holdings earlier.