Bitcoin Wallet with 4000% profit, active after 8-years; Coincidental or Planned?

Namrata Shukla
Source: Pixabay

Bitcoin’s price has been declining over the weekend after meeting with resistance a little above $44,000. The selling pressure remained modest as the value of the largest cryptocurrency dipped once again under $40,000 and this may have called forth the attention of one of the long-term holders.

Whale Alert, the account that highlights the movement of large cryptos alerted of activation of wallet address that remained dormant since 2013. This time-worn wallet contained 407 BTC, which at its current value was worth over $15 million. Relative to its value in 2013, this was an appreciation of almost 4,000% in 8 years.

The informant noted,

At press time, Bitcoin was trading at $38,168.

While there were numerous speculations among community members about the sudden activation of the address, it was not the first instance of old hodlers bringing their wallets to life. In fact, apart from Bitcoin, we witnessed an ancient Ethereum wallet containing over $5 million worth of ETH being activated in February.

Possibly, the holder did not want to miss out on the price action going on in the market. In the wake of historic events taking place around the world, the financial market was in a lucrative position. Cryptocurrencies are being called for to support Ukraine in turmoil, while belligerent Russia was feeding into its armed forces.

Meanwhile, the identity of the holder remained anonymous. The conspiracies regarding the origin of the wallet become strong given the age of the wallet. Some considered it to belong to Satoshi Nakamoto, the creator of Bitcoin. However, some thought, it was a wasted effort to have unlocked the wallet now.

Well, per the details of the transaction the holder has split the amount into different wallets. while there was a possibility of cashing out, it can be assumed that the dump won’t be carried in a single day. Nevertheless, this may not be the only wallet holding a large sum of Bitcoin and as we see the picture of the crypto industry change, there might be more such wallets coming back from the dead.