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Bitcoin Whale

Bitcoin OG From 2011 Wakes Up, Cashes In On A 322,000x Gain

Keshav Verma
by Keshav Verma
1 month ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A Bitcoin whale from 2011 has suddenly come alive, moving 3,962 BTC. Here’s how much profit the OG made on their ancient stack.

Bitcoin Whale Has Shown Movement After 14.5 Years Of Silence

In a post on X, on-chain sleuth Lookonchain pointed out how a Bitcoin whale wallet silent since 14.5 years ago finally broke its dormancy today. The wallet in question received 3,962 BTC back in January 2011.

Related Reading: WazirX Users One Step Closer To Crypto Funds: Revote Begins July 30

At the time, the cryptocurrency was trading around $0.37, so this amount would have only been worth about $1,460. After amassing this sum, the investor’s address went completely cold.

It’s possible that the wallet became lost, either by having its existence forgotten or keys misplaced. This is generally the likely reason behind wallets going dormant for long periods. The less probable explanation could be that the silence corresponded to willful HODLing by the investor.

Whatever the case be, the wallet finally showed activity earlier today and made a test transaction of 0.0018 BTC.

Bitcoin Ancient Whale

The transfer history of the whale | Source: @lookonchain on X

And now, it has completely emptied itself out, shifting coins to a new wallet.

Bitcoin Transaction

The latest transaction made by the ancient investor | Source: @lookonchain on X

At the time of this new transaction, the wallet’s 3,962 BTC stack was worth a whopping $469 million. Given that the initial investment was of just around $1,460, this humongous amount is practically all profit.

Generally, when dormant wallets move their coins, it’s a sign that they are planning to sell. If this is the case for the current address, the question may be: why now of all times, 14.5 years later? Assuming that the wallet was indeed lost, it’s possible that it has just now been rediscovered. Thus, it may have simply been impossible to shift these coins until now.

But in the scenario that the Bitcoin wallet was rediscovered earlier or the investor never actually lost access to it, then the reason may be that the current bull run highs have just looked like a convenient window for finally cashing in.

In another X post, Lookonchain shared the latest inflow/outflow data for the Bitcoin and Ethereum exchange-traded funds (ETFs).

Bitcoin vs Ethereum ETFs

Looks like the number one cryptocurrency observed ETF net outflows on July 24th | Source: @lookonchain on X

As is visible above, the 7-day ETF netflow currently stands at positive for both Bitcoin and Ethereum, but the daily netflow has printed a negative value for the former. In total, 751 BTC ($89 million) has left the ETFs over the past day. Fidelity’s FBTC has led the outflows, with 1,919 BTC ($227 million) exiting the fund.

Related Reading: Binance Pulls Ahead In Altcoin Boom, Takes Lion’s Share Of Volume

In contrast, ETH ETFs have seen a significant inflow of 110,868 ($404 million) tokens in the same window.

BTC Price

At the time of writing, Bitcoin is floating around $118,900, unchanged from one week ago.

Bitcoin Price Chart

The trend in the BTC price over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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