U.Today – As reported by Whale Alert, the largest cryptocurrency transaction monitoring service, an unknown whale that had been dormant for the past 11.5 years since 2013 has suddenly come to life.
More specifically, an unknown whale started showing activity by transferring 25,015 BTC from the venerable address “1MVvvtH” to the novel address “bc1qvfz”.
Purchased almost 11 and a half years ago for $686, this cryptocurrency is currently valued at $1.59 million. We can see that this venerable, long-time Bitcoin (BTC) holder has made a staggering 231,778% gain. If we spread that out over the entire period since 2013, we get 20,154.6% per year – an incredible result.
It is unknown what caused the long-dormant wallet to come back to life. Perhaps someone remembered their seed phrase. Or perhaps it was the desire to transfer funds to a novel standard wallet, as bc1 addresses are superior to 1 addresses in Bitcoin, offering improved error correction, smaller transaction sizes, SegWit compliance, and are more future-proof.
It is also no exception that an unknown investor decided to cash out after holding on to his Bitcoin holdings. Therefore, this is seen as a rather negative bearish event. And while one can be pleased with the 231,778% gain being held, it should be seen as not so positive for the BTC price.
Bitcoin continues to trade mostly sideways at around $63,000 per BTC. As summer draws to a close, it will be fascinating to see what happens to the price of the leading cryptocurrency in the coming months.
