- Bitcoin (BTC) worth nearly $44 million has been moved by a mysterious holder after over 10 years of dormancy.
- The 687.33 BTC were first received in January 2014 when 1 BTC was worth less than $900.
- The coins, likely belonging to an early miner, have appreciated by 7,228% with the current price of BTC standing at $63,467.
A dormant Bitcoin holder moves nearly $44 million worth of BTC after over a decade, highlighting the significant appreciation of the digital asset over the years.
Decade-Long Dormancy Ends with a $44 Million Move
A mysterious Bitcoin holder has ended a decade-long dormancy by moving 687.33 BTC, worth approximately $44 million today. Blockchain data reveals that these coins were first received in January 2014 when the price of 1 BTC was less than $900. The coins remained untouched in the address, gathering dust until they were moved late Sunday.
Early Miner Reaps the Benefits of HODLing
CryptoQuant, a blockchain activity monitoring platform, suggests that the coins likely belong to an early Bitcoin miner. The coins are believed to be block rewards from 2011. Bitcoin miners, individuals or organizations, maintain the Bitcoin network by minting new coins and processing transactions, receiving BTC as their reward. The transaction fee to move these coins on Sunday was less than $2, further emphasizing the profitability of this move.
Not a Whale, but a Successful Long-Term Holder
Despite the substantial amount, the holder does not qualify as a Bitcoin whale, a term reserved for investors holding at least 1,000 BTC or $63.5 million worth. These ‘HODLers’ are typically large institutions or companies. However, this event underscores the success of long-term holders as the price of BTC has steadily risen over the past decade, despite the volatility. The holder is sitting on gains of 7,228%, with the current price of BTC standing at $63,467.
Conclusion
This event highlights the potential gains for long-term Bitcoin holders, even those who do not qualify as whales. The appreciation of the digital asset over the years has proven profitable for early miners and investors who have held onto their coins. As the crypto market continues to evolve, such instances serve as a testament to the value of patience and long-term investment in the volatile yet rewarding world of cryptocurrencies.
