Long-Inactive Bitcoin Wallet Unleashes $60M Amid Market Rebound, Stands To Profit 497X On Sale
By Benzinga
A Bitcoin (CRYPTO: BTC) wallet, inactive for nearly 12 years, has suddenly sprung into action, transferring millions worth of digital currency.
What Happened: On-chain tracking platform Spot On Chain reported that a wallet, known as “1EhXAfST”, transferred 1,000 Bitcoin, worth $60 million to two new wallets Sunday.
The wallet received this stash way back in September 2012, when the price of one Bitcoin was a mere $12.06. Since then, no inbound or outbound activity has been reported from the wallet.
Cryptocurrency transfers, particularly after a long dormancy, peak people’s interest because many believe the owner will profit from their holdings after years of gains.
Even in this case, the investor stands to net 497x in returns if they sold the entirety of their holdings at the current price.
See Also: ‘Iris Energy’s Bitcoin Mining Ventures: Overvalued Or Underestimated?
Why It Matters: This unexpected movement coincides with a strong rebound in the cryptocurrency market. Bitcoin rallied to a 12-day high in the wake of former President Donald Trump surviving an assassination attempt.
Additionally, a prominent technical analyst recently suggested that despite Bitcoin’s 17% monthly drop, a new all-time high could still be on the horizon.
Price Action: At the time of writing, BTC was exchanging hands at $62,741.76, registering a 5.28% spike in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
