According to cryptocurrency analysis firm Whale Alert, a dormant Bitcoin (BTC) wallet has been activated after 12.4 years. The wallet contains 119 BTC worth $6.99 million. The wallet owner purchased the BTC for $599 in 2012. The portfolio’s value has grown by about 1,000,241% (about 1 million percent).
BTC is one of the best-performing assets of the last decade and a half. Early investors who got into crypto in the early 2010s have made millions of dollars in profit and, in some cases, even billions.
Why did the Bitcoin wallet awaken after 12.4 years?
The wallet owner may want to sell their holdings and book profits, given that BTC is facing a correction at the moment. The whale may be anticipating BTC to fall even further. BTC has fallen below $58,000 for the first time since early May. The asset is down 4.4% in the daily charts, 6.4% in the weekly charts, 13.4% in the 14-day charts and by 17% over the previous month. The wallet owner may want to make as much profit as possible and may have decided to cash out.
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It is also possible that the wallet owner had lost their personal keys, and regained access to the wallet after a very long time.
It is unclear if the Bitcoin wallet owner will sell their holdings or not. The wallet has not made a transfer to any exchange yet. If the whale sends its BTC to an exchange, it would raise the possibility of it being sold.
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The whale is a perfect example of being patient with one’s investments. BTC’s performance in the last ten years has outshinned every tech stock, or any other equity or commodity.