U.Today – Popular blockchain tracker Whale Alert has revealed that a dormant cryptocurrency whale has reactivated its wallet in the last 24 hours. The profit it has made on BTC so far is astounding.
The last time he “touched” cryptocurrency was in 2012 — it was just the beginning of the Bitcoin era and just two years after the enigmatic Satoshi Nakamoto decided to remain under the radar.
Old BTC wallet comes back to life
The aforementioned data source claims that a wallet containing 37 BTC has been reactivated after 11.8 years of dormancy — since 2012.
While Bitcoin was initially worth just $476, now, in July 2024, the cryptocurrency is valued at $2,498,054. This represented an insane 524,701% augment in profit.
Earlier this week, Whale Alert published details of several other inactive wallets that were found to contain millions of dollars worth of Bitcoin.
Dormant Bitcoin wallets are coming back en masse
In many cases, these sudden awakenings occur because owners are only now able to locate their private keys. Many users have lost their early mined or purchased Bitcoins forever, with some very high-profile cases being covered by the media.
Another category of users simply waited patiently, watching the price of the world’s most essential cryptocurrency gradually augment over the last 10 to 12 years, and then decided to call it quits and cash in on the huge profits.
This year, Bitcoin reached a novel all-time high, reaching $73,750 on March 14. This historic price rally was largely due to two main factors. The first was the massive wave of Bitcoin buying that was started by the spot BTC ETF in January, when these 11 ETFs bought around 10,000 BTC per week.
The second was the anticipation of the fourth Bitcoin halving by the global community. The event took place on April 20 and lowered the Bitcoin block rewards earned by miners from 6.25 to 3.125 BTC.
