According to Lookonchain, an early Bitcoin miner wallet, inactive since 2010, transferred its entire balance of 50 BTC (worth a cool $3.05 million) to Binance. Previously, this miner earned 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!💰📈 That's some serious HODLing, guys!
This isn't the first time we've seen a long-dormant wallet come back to life. This has happened several times before, with wallets from the Satoshi era (2009-2011) making similar moves.
In March 2022, a wallet containing 489 BTC ($20 million) was reactivated after 11.4 years of inactivity, achieving a profit of 42,000,000%! Then, in July and August 2023, two significant whale wallets, inactive for over a decade, transferred thousands of BTC.
Most recently, in April 2024, another 14-year dormant wallet transferred 50 BTC (worth more than $3.28 million) to Coinbase. Additionally, a large Bitcoin holder that has been dormant for a decade transferred 246 BTC from an address holding 1,701 BTC.
So what does this mean for the market?🤔 It could signal renewed interest from early adopters or it could indicate that these veterans are planning to sell. Either way, it's a fascinating look into the early world of Bitcoin mining and the potential value of patience and HODLing! 🚀🌕