In a remarkable move that has caught the attention of the crypto community, a Bitcoin wallet from the Satoshi era has transferred out its first BTC in over a decade.
On Tuesday, Blockchain data tracker Whale Alert reported that a dormant address containing 426 BTC worth $36,620,098 has just been activated after 13.3 years. Lookonchain substantiates this data, reporting the first move by this Bitcoin whale.
According to Lookonchain, this wallet, which held 426.3 BTC valued at approximately $36.62 million, transferred 42.3 BTC worth $3.67 million after 13 years of dormancy.
A #Bitcoin wallet with 426.3 $BTC($36.62M) transferred 42.3 $BTC($3.67M) out after 13 years of dormancy.This wallet received 426.3 $BTC($5,753) on July 29, 2011, when the price of $BTC was $13.49.https://t.co/utmuUHB8QQ pic.twitter.com/HCS5Fhe50j
— Lookonchain (@lookonchain) November 12, 2024
This wallet originally received its 426.3 BTC on July 29, 2011, when the price of Bitcoin was only $13.49. At that time, the value of the BTC stash was only $5,753. Fast forward to today, and with Bitcoin’s recent price surge, this yields an astonishing 636,437% gain for the wallet holder.
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Transactions from early Bitcoin addresses are uncommon, raising questions about why the whale moved the funds after so many years. Some speculate that it might be a move toward selling a portion of the holdings in response to the recent market surge, or that the owner simply rediscovered the keys after so many years.
Bitcoin price action
Bitcoin (BTC) achieved another milestone on Tuesday, reaching an all-time high of $90,100.
Earlier Tuesday, the largest cryptocurrency retraced to the low of $85,010, causing some late leveraged buyers to exit. The fall was brief, however, as prices rapidly rebounded and reached a new all-time high of $90,100 on Coinbase before giving back some of their gains.
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The $90,000 mark could be a significant barrier to Bitcoin's ascent, at least in the short term. Shortly after surpassing $90,000, prices reversed, with the Bitcoin price plummeting.
At the time of writing, BTC had dropped 0.61% in the previous 24 hours to $87,438, with lows of $86,220 and highs of $88,666 in today's trading session.
According to CoinGlass data, the profit-taking across the crypto market liquidated $832 million in leveraged derivatives trading positions in the last 24 hours - the most since the Aug. 5 market crash.
