A legendary Bitcoin wallet that has been inactive for more than a decade has recently reactivated and started selling its assets. This event has garnered attention from experts and traders globally.
Return to Trading: BTC Sell-off
According to Lookonchain, a crypto whale that originally purchased 5,000 BTC for $1.66 million in 2012 has started to distribute its stash. In the last 24 hours, 250 BTC, valued at approximately $29.68 million, were sold. This activity occurred after the wallet had remained dormant for extended periods since its first appearance 12 years ago when Bitcoin was valued at just $332.
Profits and Wallet History
The wallet was consolidated from multiple early wallets about four years ago. Since then, it has remained untouched until the recent sell-off, where a total of 1,000 BTC has been sold. As of the last transaction, the wallet's total profit is approximately $578 million, translating into an astonishing 34,900% return.
Market Impact and Future Transactions
The sale of Bitcoin is taking place amidst a market cooling off after a mid-July price surge. While this wallet initiated sales eight months ago, current activity may suggest further sell-offs are to come. The future dynamics of the market may depend on whether this wallet continues to sell gradually or opts for larger blocks.
The return of this legendary Bitcoin wallet to active trading holds significant implications for both the market and traders' expectations. Monitoring the further activity of this wallet will be crucial.
