CryptoQuant CEO Ki Young Ju has recently revealed that early Bitcoin miners netted a substantial profit of approximately $550 million this year. This profit was primarily achieved in the $62,000 to $70,000 price range, highlighting the significant financial gains that can be attained through perfect market timing.
According to Ki Young Ju, early Bitcoin miners, who were among the first to adopt and validate transactions on the Bitcoin network, have seen a significant return on their investment in 2024. The data indicates that these miners capitalized on the Bitcoin price surge this year while securing significant profits.
Early #Bitcoin miners realized a profit of about $550M this year in the $62K to $70K price range. pic.twitter.com/fCg4IBrEpW
— Ki Young Ju (@ki_young_ju) June 18, 2024
Several Bitcoin wallets from the "Satoshi era," which refers to the months when Bitcoin's pseudonymous founder, Satoshi Nakamoto, was active on public forums from late 2009 to 2011, have been reactivated since the start of 2024.
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In May, an early Bitcoin miner wallet that had been dormant for 14 years transferred 2,000 BTC, which most likely went to an OTC desk or custodian, as the coins were transmitted to multiple other fresh addresses practically immediately.
The $62,000 to $70,000 price range has proven to be particularly lucrative for these ancient Bitcoin miners. This range represents a period when Bitcoin reached near its current all-time highs, providing an ideal opportunity for miners to sell their accumulated Bitcoin at premium prices.
Bitcoin has quadrupled in price since the start of 2023, reaching an all-time high of $73,798 in March, boosted by demand for specialized U.S. exchange-traded funds. The surge has recently eased, as has the pace of ETF inflows.
Bitcoin plummeted along with the rest of the cryptocurrency market on Tuesday, reaching a low of $64,010, amid global economic concerns and lower summer liquidity.
At the time of writing, the price of Bitcoin was down by 0.52% at $64,998, according to CoinMarketCap data, sliding below $65,000 for the first time since May 16.