More than a decade of (presumably involuntary) hodling turns the small Bitcoin mackerel into a multi-million dollar crypto whale.
A dormant Bitcoin wallet has reawakened after nearly 11 years of inactivity, according to data from on-chain tracker Whale Alert. The wallet’s owner, who had held onto the cryptocurrency for over a decade, recently moved 24 BTC, marking the first transaction since November 16, 2013. Back then, Bitcoin was valued at around $440, making the original purchase worth approximately $11,000.
— Whale Alert (@whale_alert) August 19, 2024
A dormant address containing 24 #BTC (1,456,683 USD) has just been activated after 10.8 years (worth 10,915 USD in 2013)!https://t.co/y0heonDs20
Fast forward to today, and the value of those 24 BTC has surged to nearly $1.5 million. While it’s unclear if the owner intentionally held onto the coins for this long or recently regained access, the move represents a massive return on investment. Statistically, Bitcoin that has been inactive for more than seven years is often considered lost, leading to speculation that the wallet’s owner may have just recovered their access.
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— Santiment (@santimentfeed) August 19, 2024
Bitcoin's whales, specifically wallets that hold between 100-1K BTC, have accumulated 94.7K more coins in the last 6 weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up. pic.twitter.com/hrhlVrNqNU
This sudden activity has sparked interest, especially among other significant Bitcoin holders. On-chain data from Santiment reveals that wallets holding between 100 and 1,000 BTC have collectively accumulated 94,700 Bitcoin—valued at nearly $6 billion—over the past six weeks. This accumulation comes as smaller investors, spooked by market volatility, have been selling off their holdings.
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It appears that seasoned investors are seizing the opportunity to build their positions, likely in anticipation of continued price growth in the near future.
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