A mysterious cryptocurrency whale managed to earn 2,800 percent with 5,000 Bitcoins. The only thing today’s millionaire needed to do this was time.
This whale has been holding 5,000 Bitcoins for years
A mysterious whale still holds 5,000 BTC, which it bought at $698 years ago. The exemplary HODL investor achieved a wallet worth $95 million as a result of his patience. According to on-chain data provider Whalemap, if the whale decides to sell their BTC today, it will gross $95 million. Interestingly, the whale had purchased 5,000 BTC for just $698 years ago. As a result, the 2800% gain at today’s Bitcoin price is on the whale’s fingertips.
Someone cashed out 5000BTC yesterday making a whopping a $95,000,000 profit
Original price of acqusition was $698 for him which is a 2800% increase from current price
What a guy pic.twitter.com/mUuul2Z3YL
— whalemap (@whale_map) September 5, 2022
Cryptocurrency whale cashed out all his BTCs
According to on-chain data, the Bitcoin whale address created in 2013 cashed 5,000 BTC worth about $100 million yesterday. The WhaleStats chart below shows that the whale bought at the peak price during 2013. The patient investor managed to wait until 2022, enduring all the ups and downs. Meanwhile, the spot where Bitcoin was selling was in the middle of a bear market.
Why did the whale choose to sell in the cryptocurrency winter?
On the other hand, there are still concerns about the reactivation of such wallets and whether the owner has the necessary conviction to keep them for almost nine years. The most likely scenario is that someone accidentally finds their long lost private key. Thus, it provides access to large amounts of money. Additionally, it is possible that the wallet was re-opened after the owner managed to unlock it. It also cannot be ruled out that the whale may have such strong beliefs.
Some similar Bitcoin wallets have reawakened after years of hibernation. Addresses created during the time of the enigmatic Bitcoin founder Satoshi Nakamoto often attract the most public attention. CryptoQuant CEO Ki Young Ju said that “old” whales, especially those holding large amounts of cryptocurrencies, should avoid drawing attention to their latest growth in wealth.
These “mysterious” Bitcoin whales may have been early visionaries who harvested Bitcoin through mining and trading. Or they may have made money through the Cryptsy Bitcoin exchange shortly before they were “hacked,” according to a CryptoQuant research paper on former fund movements.
In the previous year, 65% of existing Bitcoins remained unchanged
A significant portion of the Bitcoin (BTC) supply has remained static over the past year. This remains an alarming signal. Based on data from Glassnode this year, “The amount of untapped Bitcoin supply for at least a year has exceeded 12,589 million BTC. That’s the same as 65.77% of the current supply. Bear markets for Bitcoin increase hidden supply.”
The volume of #Bitcoin supply that has remained unspent for at least 1yr, has reached a new ATH of 12.589M $BTC.
This is equivalent to 65.77% of the circulating supply.
Increasing dormant supply is a characteristic of #Bitcoin bear markets.
Live Chart: https://t.co/Os3WDoYD4i pic.twitter.com/3WQ6ae7dvX
— glassnode (@glassnode) September 5, 2022
Shortly after crossing the $20,000 threshold, BTC rose modestly from $19,970. As you follow on Kriptokoin.com, Bitcoin is having a stable day today.
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