Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

524,701% Profit on Bitcoin Celebrated by Whale After 11.8 Years of Inactivity

Published 07/27/2024, 06:48 PM
Updated 07/27/2024, 10:15 PM
© Reuters.  524,701% Profit on Bitcoin Celebrated by Whale After 11.8 Years of Inactivity
BTC/USD
-

U.Today - Popular blockchain tracker Whale Alert has revealed that over the last 24 hours, a dormant cryptocurrency whale reactivated his Bitcoin wallet. The profit he has made on BTC by now are astounding.

The last time when he “touched” his crypto was 2012 — the still early years of Bitcoin and only two years after the enigmatic Satoshi Nakamoto opted to go under the radar.

Ancient BTC wallet comes back to life

The aforementioned source of data spreads the word that a wallet that contains 37 BTC has been reactivated after it had stayed dormant for 11.8 years — since 2012.

While back at the start that Bitcoin was worth only $476, now, in July 2024, this crypto is valued at $2,498,054. This constituted crazy 524,701% profit growth.

Earlier this week, Whale Alert published data on several other dormant wallets that had been unearthed containing millions worth of Bitcoin each.

Dormant Bitcoin wallets coming back en masse

In many cases, these sudden awakenings happen because the owners only now are able to locate their private keys. Many users have lost their early mined or bought Bitcoin forever, some very loud cases have been covered by the media.

However, other category of users have just been patiently waiting, watching as the world’s flagship cryptocurrency has been gradually rising in price over the past 10 to 12 years and then decided to call it a day and lock in their huge profits.

This year, Bitcoin reached a new price all-time high when it hit $73,750 on March 14. That historic price surge was largely caused by two main factors. The first one was the enormous Bitcoin buying spree started by spot BTC ETFs in January, when those 11 ETFs bought roughly 10,000 BTC per week.

The second one was the anticipation of the fourth Bitcoin halving by the global community. The event took place on April 20 and it slashed Bitcoin block rewards earned by miners from 6.25 to 3.125 BTC.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.