Bitcoin Wallet Wakes Up After 6 Years With $80 Million Profit

Paigambar Mohan Raj
Source: Pixabay

According to crypto analysis firm PeckShield, a dormant Bitcoin (BTC) wallet has woken up after 6 years with $82.3 million worth of BTC. The wallet contains 2995.11 BTC, which were purchased on May 7, 2016. Back then BTC was trading for about $459 per coin. The total investment for the 2995.11 coins would have been around $1.37 million. The value of the investment has risen by 5925.71% in the last six years.

According to PeckShield, the coins in the wallet have moved to two new addresses. Moving to new addresses is always better than moving to exchanges as it means that the coins are not going to be sold. However, the reason behind the movement is unclear. It is possible that the investor may be organizing their portfolio.

Also read: Bitcoin Whale Stirs After 6-Year Slumber, Transferring 3000 BTC

However, this is not the only dormant Bitcoin (BTC) wallet that has awakened after years of slumber. Recently, another BTC wallet woke up after almost three years, which moved about 5,000 coins, worth approximately $140 million.

In August, another BTC wallet woke up after being asleep for almost 13 years. The wallet moved almost 1005 BTC worth around $29.7 million. Because of its age, many speculate if this wallet has ties to the anonymous creator of Bitcoin (BTC), Satoshi Nakamoto.

Why are dormant Bitcoin wallets waking up?

bitcoin btc
Source: Pixabay

Early BTC investors who held for the long term have made millions in profits. However, some old wallets, which have remained idle for years, are slowly waking up. Now, there are multiple reasons as to why these wallets may be waking up now.

Also Read: Fidelity Labels Bitcoin Most Secure and Decentralized Crypto

Firstly, it is possible that the regulatory situation in the investor’s home country may be changing. Some have moved their holdings into two separate wallets. This could be a safety measure on the part of the investor.

Moreover, it is also possible that the investors are moving their funds in an attempt to book profits. Perhaps they anticipate BTC prices to fall and want to make a quick buck before it does so.