TL;DR Breakdown:
- An old Bitcoin wallet with nearly $7,000 has risen to $29 million after over eight years of inactivity.
- Some Bitcoiners are concerned that the holder may be planning to dump the coins.
According to a Whale Alert report, an old Bitcoin wallet with less than $7,000 worth of BTC eight years ago has woken up to a nearly 4,500x increase.
Old BTC wallet wake to 4,500x increase
Whale Alert, a crypto whale transaction tracker, reported the Bitcoin wallet on September 19, noting that it has been dormant for about 8.8 years. Back in 2012, the wallet had 616 BTC, which was worth only $6,667 at the time. The price of Bitcoin has risen by over 440,000%, thereby raising the initial price to over $29 million.
In March, Cryptopolitan also reported a similar story where an old Bitcoin wallet came to live (had a recent transaction) after about seven years of inactivity. The wallet had 5,000 Bitcoin, which increased to $280 million in value. This underscores the importance of or how profitable long-term HODLing can be. However, some Bitcoiners are worried about many old addresses being activated.
Concerns with old Bitcoin wallets coming to live
The recent Whale Alert had some Bitcoiners speculating that these wallets were being activated for dumps probably.
“When these addresses wake up, it is not a good sign because it means they want to sell and rebuild cheaper. These people are in touch with other big whales this means that a dump is most likely to come,” a Twitter user commented on the development.
At the time of writing, the leading cryptocurrency is down, trading below $45,000. BTC reached as high as $48,700 on September 18. However, a push to $50,000 wasn’t possible as it seems buyers are exhausted. At the current price, Bitcoin is down by over 6% over the last 24 hours, with a market capitalization of around $846 billion.
