Specifically, the unknown whale started showing activity by transferring 25,015 BTC from the old address “1MVvvtH” to the new address “bc1qvfz.”
Purchased almost 11 and a half years ago for $686, this volume of cryptocurrency is now valued at $1.59 million. We can see that this old, long-time Bitcoin (BTC) holder has made a whopping 231,778% profit. If you break that down to the entire period since 2013, you get 20,154.6% per year – an incredible result.
It is unknown what caused the long-inactive wallet to come back to life. Maybe someone remembered their seed phrase. Or maybe it is the willingness to transfer funds to the new standard wallet, as bc1 addresses are preferable to 1 addresses in Bitcoin because they offer improved error correction, smaller transaction sizes, compatibility with SegWit and are more future-proof.
It is also no exception that the unknown investor decided to cash out after holding on to their Bitcoin holdings. That is why it is perceived as a rather negative bearish event. And while one may be happy to hold on to a 231,778% profit, it should be perceived as not so positive for the BTC price.
Bitcoin continues to trade mostly sideways at around $63,000 per BTC. As the summer comes to an end, it will be interesting to see what happens to the price of the leading cryptocurrency in the coming months.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
