U.Today – Another anonymous holder (BTC) has resurfaced after nearly 11.2 years of dormancy, according to data from Whale Alert. Digging into the on-chain data, it appears the unknown whale, as such enormous holders are often called, has come to life with 750 BTC – a stash worth about $50 million at current prices.
The last time the address “1a6Zn” was busy before today was June 4, 2013. At that time, Bitcoin was trading at around $120 per BTC. Fast forward to 2024, and that amount of BTC will have earned its owner a whopping $50 million, which equates to a 53,583% return on that investment. Extrapolated over 11.2 years, that’s 4,784% per year.
After this historic sleeping whale came back to life, all tokens were moved to the address “bc1qc”.
This remains a mystery. However, if we were to try to find the reasons, one of them could be security measures. Over the years, Bitcoin storage standards have changed, and the transfer may indicate a switch from the older “1” address type to the more secure “bc1” address type.
This is the latest such awakening in recent times, as July was a fruitful month in terms of Bitcoin’s inactive re-emergence. Many market participants see this as a bearish sign; after all, who would refuse to pay out at least a portion of a 53,583% gain?
However, given the fact that they have held onto their BTC for years, perhaps selling is not the case here.
