๐Ring the bells, Bitcoiners!๐ A Bitcoin wallet that had been snoozing for 14 years has just woken up!๐คโก๏ธ๐ According to Lookonchain, an early Bitcoin miner's wallet, dormant since 2010, has transferred its entire balance of 50 BTC (worth a cool $3.05M) to Binance. Back in the day, this miner earned the 50 BTC as a mining reward.
In 2010, BTC was trading for less than a dollar. Fast forward to today, and it's hovering around $61,000!๐ฐ๐ That's some serious HODLing, folks!
This isn't the first time we've seen a long-dormant wallet spring to life. It's happened several times before, with wallets from the Satoshi era (2009-2011) making similar moves.
In March 2022, a wallet containing 489 BTC ($20M) was reactivated after 11.4 years of dormancy, achieving a return of 42,000,000%! Then, in July and August 2023, two significant whale wallets, inactive for over a decade, moved thousands of BTC.
Most recently, in April 2024, another 14-year dormant wallet moved 50 BTC (worth over $3.28M) to Coinbase. Plus, a major Bitcoin holder who had been hibernating for a decade transferred 246 BTC from an address holding 1,701 BTC.
So, what does this mean for the market?๐ค It could signal renewed interest from early adopters, or it might indicate that these old-timers are planning to sell. Either way, it's a fascinating glimpse into the world of early Bitcoin mining and the potential value of patience and HODLing! ๐๐