Thirteen years is a considerable span to remain inactive, yet one early Bitcoin enthusiast has done just that. This individual held onto a cache acquired from Mt.Gox when its total worth was akin to the price of a second-hand vehicle. Now, amidst market turmoil and frantic trading activity, he has finally made a move as highlighted by Lookonchain.
A single transaction transferred 300 BTC — approximately $33.47 million — into Binance. This isn’t merely theoretical profit; it’s the kind of action that challenges perceptions about this so-called “magic internet money.”
The figures are staggering: Coins purchased at $11 with an initial withdrawal value of $8,151 have now appreciated by over 410,624%. And that’s not accounting for the remaining 590 BTC still housed in their original addresses.
This wasn’t just routine wallet management either. Last year saw him relocate 159 BTC into a new wallet where they remained untouched until now — actual coins sitting in an exchange wallet with the sell button within easy reach, blending past actions seamlessly into present possibilities.
Bitcoin Market Under Pressure
The broader market context is crucial here as Bitcoin recently plunged dramatically to around $100,600 before rebounding towards $111,900. Liquidations have accumulated at least $16 billion in losses as traders face significant setbacks and leverage diminishes.
Amidst this chaos emerges an OG holding coins older than most exchanges themselves. Whether he opts to sell all or part of his holdings doesn’t matter much because the message is clear: The ancient supply remains intact and its potential impact on the market could be profound given these dormant coins’ presence deep within blockchain history.