According to the cryptocurrency analysis company Whale Alert, an inactive Bitcoin wallet was activated after 12.4 years. The wallet contains 119 bitcoins, worth $6.99 million. The wallet owner purchased BTC for $599 in 2012. The portfolio has grown in value by approximately 1000241% (about 10 million %).
BTC is one of the best-performing assets in the past fifteen years. Early investors in cryptocurrency in the early 2010s have made profits of millions of dollars, and in some cases even billions.
Why did the Bitcoin wallet awaken after 12.4 years?
Source – SkyNews
With BTC currently facing a correction, the wallet owner may want to sell their assets and realize profits. Whales may anticipate further decline in BTC. The asset fell below $58,000 for the first time since early May. It has dropped 4.4% in the daily chart, 6.4% in the weekly chart, 13.4% in the 14-day chart, and 17% compared to last month. The wallet owner may want to profit as much as possible and may have decided to cash out.
It is also possible that the wallet owner lost their personal keys and revisited the wallet after a long period of time.
It is currently unclear whether the Bitcoin wallet owner will sell their assets. The wallet has not been transferred to any exchanges. If the whale sends their BTC to an exchange, this will increase the likelihood of it being sold.
Whales are a perfect example of patience in their investments. BTC’s performance over the past decade has surpassed all tech stocks, any other stocks, or commodities.