Another anonymous Bitcoin (BTC) holder has resurfaced after being dormant for almost 11.2 years, according to data from Whale Alert. Digging deeper into the on-chain data, it appears that an unknown whale, as such large holders are often called, came to life with 750 BTC – a stash worth around $50 million at current prices.
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The last time the address “1a6Zn” was active before today was June 4, 2013. At that time, Bitcoin was trading at around $120 per BTC. Fast forward to 2024, and that amount of BTC will make its owner a handsome $50 million, which equates to a 53,583% return on that investment. Extrapolated over 11.2 years, that is 4,784% per year.
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Thus, after this ancient dormant whale came back to life, they transferred all the tokens to the “bc1qc” address.
Why?
It remains a mystery. However, if we were to try to come up with reasons, one could be security measures. Over the years, Bitcoin custody standards have changed, and the transfer could indicate a shift from the older “1” address type to the more secure “bc1” address type.
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This is the latest such awakening in recent times, as July was fruitful in terms of inactive Bitcoin resurfacing. Many market participants see this as a bearish sign; after all, who would refuse to cash out at least part of a 53,583% gain?
However, considering the fact that they have been holding their BTC for years, perhaps selling is not the case here.
